Oil futures dropped on Thursday, with U.S. prices logging their lowest settlement since early August, as worries rise over the potential economic impact from the continued spread of the coronavirus.
On Thursday afternoon, WHO declared that coronavirus is a public health emergency of international concern.
West Texas Intermediate crude for March delivery on the New York Mercantile Exchange fell $1.19, or 2.2%, to settle at $52.14 a barrel, after trading as low as $51.66. The settlement was the lowest for a front-month contract since Aug. 7, according to Dow Jones Market Data.
March Brent crude, which expires at Friday’s settlement, shed $1.52, or 12.5%, to $58.29 a barrel, for the lowest front-month contract finish since Oct. 8.
Source : Market Watch