Oil hits 13-month lows as coronavirus cuts demand - Reuters

Oil hits 13-month lows as coronavirus cuts demand - Reuters:

Oil prices fell to the lowest in more than a year on Monday as the coronavirus outbreak curtailed Chinese demand and sparked potential supply cuts by OPEC and its allies.

Brent crude LCOc1 settled down $2.17, or 3.8% at $54.45 a barrel, its lowest since January last year.

U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.45 a barrel to $50.12 after touching a session low of $49.91, also the lowest since January 2019.

“We have not seen a demand destruction event of this scale that moves this quickly,” said Phil Flynn, analyst at Price Futures Group in Chicago.