Oil prices plunged to their lowest in more than a year on Friday, putting them on track for the biggest weekly decline in more than four years, as the rapid spread of the coronavirus stoked fears of slowing global demandInvestors are increasingly worried the epidemic could turn into a pandemic, as the virus has spread beyond its epicentre in China to another 46 countries.
The most active Brent crude contract for May LCOc2 was down $1.37, or 2.7%, at $50.36 a barrel by 0445 GMT, a 14-month low. The front-month April contract expires later on Friday.
West Texas Intermediate (WTI) crude futures CLc1 fell $1.33, or 2.8%, to $45.76 per barrel. U.S. crude has fallen about 14% for the week, the biggest weekly decline since May 2011.
