Oil posted its worst week since May as the coronavirus outbreak continues to pressure prices.

A slowdown in China's economy would impact demand because China is the world's largest crude oil importer, after importing a record 10.12 million barrels per day in 2019, according to data from the General Administration of Customs. China is also the second-largest oil consumer, behind the United States.

On Friday, U.S. West Texas Intermediate crude futures fell 2.5%, or $1.40, to settle at $54.19. At the session low WTI hit $53.85, its lowest level since Oct. 31. This was the fourth straight day of losses, and the contract declined 7.5% for a third straight week of declines.

International benchmark Brent crude dropped 2.2% to settle at $60.69, bringing its weekly loss to roughly 6.5%, which was also the third straight week of declines.

Source : CNBC