Oil prices fell on Friday with fears for fuel demand growing as the coronavirus epidemic that originated in China spread further beyond the country, while major crude producers stood pat on taking early action to cut output to support the market.
Brent crude was down 24 cents, or 0.4%, at $59.07 a barrel by 0155 GMT, while U.S. crude was off by 25 cents, or 0.5%, at $53.63 a barrel.
On Friday South Korean authorities confirmed 52 new coronavirus infections, Yonhap reported. The streets of the country's fourth-largest city were deserted on Thursday after dozens of people there went down with the pathogen in what authorities described as a "super-spreading" event.
In China itself, the world's biggest importer of crude oil, new cases also rose on Friday from the day before even as Beijing presses on with efforts to contain the spread that has largely paralyzed the world's second-biggest economy.
Source : Reuters