Oil falls 3% as specter of China virus threatens fuel demand - Reuters

Oil falls 3% as specter of China virus threatens fuel demand - Reuters:

Oil prices fell 3% on Thursday on concern that the spread of a virus from China could lower fuel demand if it stunts economic growth, but losses were limited by a drawdown in U.S. crude inventories.

Brent crude LCOc1 futures fell $1.70, or 2.7%, to $61.51 a barrel by 1:03 p.m. EST (1803 GMT). The session low was $61.25 a barrel, lowest since early December.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.74, or 3.1%, to $55.00 a barrel. The session low was $54.77 a barrel, lowest since November.

Two Chinese cities were put in lockdown on Thursday as health authorities around the world scrambled to prevent a global pandemic. The coronavirus outbreak has killed 17 people and infected nearly 600.