Oil deepens losses on global demand concerns

Oil prices fell on Friday as the US market opened, weighed down by escalating fears over the coronavirus outbreak and its impact global demand.

Investors are anticipating the next meeting of OPEC and non-OPEC producers, led by Russia, which is scheduled at March 6, and will witness discussion on deepening the current output cut agreement.

Otherwise, Baker Hughes will be release its count for the US oil and natural gas drilling rigs later today.

The dollar index fell against a basket of currencies by 0.2% to 99.6 points at 14:06 GMT, after it hit an intraday high of 99.8 and a low of 99.6.

West Texas intermediate crude fell by 1.8% to trade at $52.9 a barrel as of 14:00 GMT, with a high of $53.8 and a low of $52.6

Brent crude fell by 1.7% to $58.2, after it hit a high of $59.2 and a low of $57.9.