Brent crude skids to 14-month low on growing coronavirus fears

Brent crude prices continued to drop as the US market opened today, to head for the sixth daily loss and dive to a 14-month low, due to lingering fears over the coronavirus outbreak beyond China and its impact on the global demand for oil.

Brent crude fell to the lowest price since Dec. 26, 2018 at $51.80 a barrel, after opening at $53.36, and hit a high of $53.50.

Brent crude futures lost 3% yesterday, to post its fifth daily loss after the US warnings about the spread of the coronavirus.

The number of infected cases of the coronavirus outside China surpassed the Chinese number, for the first time since the outbreak, which reflects the rapid spread of the virus outside its ground zero.

The outbreak of the coronavirus in most parts of the world, has escalated market's fears over a global pandemic, which might damage the global economy and the global demand for oil.

Fatih Birol, Executive Director of the IEA, said yesterday that the agency has cut it global oil demand outlook to ten-year low, adding that further cuts are possible due to the coronavirus outbreak.