US crude drops below $50 as virus spreads in Middle East and Europe
US crude dropped below $50 on Wednesday to its lowest since January 2019, as Asia, Europe and oil-producing countries in the Middle East reported hundreds of new coronavirus cases and the United States warned of an inevitable pandemic.
Brent crude was down 55 cents, or 1%, to $54.40 a barrel by 1432 GMT, while U.S. West Texas Intermediate (WTI) crude was 24 cents, or 0.5%, lower at $49.66 a barrel.
Pandemic fears intensified as authorities around the world battled to prevent the spread of coronavirus, which has now been found in about 30 countries.
World stocks tumbled for a fifth straight day, while safe-haven gold rose back towards seven-year highs and U.S. bond yields held near record lows after governments and health authorities warned of a possible pandemic.
