Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand.
Brent crude was down 63 cents, or 1.2 per cent, at $52.80 a barrel at 0414 GMT. The contract earlier fell to as low as $52.57, the lowest since January 2, 2019. West Texas Intermediate (WTI) futures fell by 65 cents, or 1.3 per cent, to $48.08 a barrel. It earlier fell to as low as $47.84, the lowest since January 4, 2019.
In the five trading sessions through Thursday, Brent has dropped 11 per cent, while WTI has declined 10.6 per cent, their biggest five-day percentage losses since August 2019.
