Oil futures ended lower on Friday, suffering hefty monthly and weekly declines, as traders assessed the spread of China’s coronavirus and its potential impact on global economic growth and demand for crude.

Otunuga said the settlement below $52 for U.S. crude benchmark could prompt prices to test $50, which would be the lowest since January of last year.

On Friday, West Texas Intermediate crude for March delivery fell by 58 cents, or 1.1%, to settle at $51.56 a barrel on the New York Mercantile Exchange, the lowest front-month contract settlement since Aug. 7.

March Brent crude lost 13 cents, or 0.2%, to end at $58.16 a barrel on ICE Futures Europe on the contract’s expiration day. April Brent, which is now the front-month contract, shed 71 cents, or 1.2%, to $56.62 a barrel.

Source : Market Watch