Oil falls, heads toward weekly losses

Oil prices fell Friday, on the cusp of weekly losses, as concerns mounted after the outbreak of the deadly Chinese virus in a number of countries.

China revealed yesterday the virus claimed 25 victims, and more than 800 infected cases, in addition to confirmed cases in the US, Saudi Arabia, Japan and Scotland.

But the World Health Organization reassured that there is no reason to declare a global emergency, but preparations must be made in case of an epidemic.

Baker Hughes will reveal its count for drilling rigs for crude and natural gas in the US later today.

As of 10:10 GMT, WTI crude fell 0.1% to $55.5 a barrel, with a session-high of $55.9 and a low of $55.3.

Brent fell 0.1% to $61.9 a barrel, after hitting a high of $62.4 and a low of $61.7.