Oil prices sink as nCoV contagion reaches greater scope

TOKYO- Oil prices hit a five-day low on Thursday, its lowest performance since January 2019. Such inactivity was brought by increasing rate of coronavirus diagnosis outside China which intensified investors’ fears that the contagion will drag and lower demand for oil.

Brent crude LCOc1 inched down 77 cents, equivalent to 1.4%, and last stood at $52.66 per barrel at exactly 0204 GMT. The contract previously recorded its worst drop since Jan. 4, 2019. On the other hand, the West Texas Intermediate (WTI) futures CLc1 lost 80 cents, equivalent to 1.6%, currently quoted at $47.93 per barrel. The contract sunk to its lowest since Jan. 2, 2019.

Wednesday reports have it that the novel coronavirus cases outside China had surpassed the diagnosis recorded in the country, the origin of the virus. Disturbingly, Italy and Iran’s confirmed cases validated that both countries are the new epicenters of the fast-spreading disease.