U.S. crude drops below $50 as virus spreads in Middle East and Europe - Reuters

U.S. crude drops below $50 as virus spreads in Middle East and Europe - Reuters:

U.S. crude dropped below $50 on Wednesday to its lowest since January 2019, as Asia, Europe and oil-producing countries in the Middle East reported hundreds of new coronavirus cases and the United States warned of an inevitable pandemic.

Brent crude was down $1.19, or 2.2%, to $53.76 a barrel by 1241 GMT, while U.S. West Texas Intermediate (WTI) crude was 83 cents, or 1.7%, lower at $49.07 a barrel.

Pandemic fears intensified as authorities around the world battled to prevent the spread of coronavirus, which has now been found in about 30 countries.

World stocks tumbled for a fifth straight day on Wednesday, while safe-haven gold rose back towards seven-year highs and U.S. bond yields held near record lows after governments and health authorities warned of a possible pandemic.