U.S. crude dropped below $50 on Wednesday, the lowest level 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 fell 89 cents, or 1.6%, to $54.06 a barrel by 1041 GMT, while U.S. West Texas Intermediate crude dropped 59 cents, or 1.1%, to $49.31 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 the 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 coronavirus pandemic.

Source : Reuters