Brent crude was down $1.42 to $50.31 a barrel, reported Reuters. Credit: Linda Flores.

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Oil prices have declined to their lowest point since more than a year and are set for their biggest weekly drop in more than four years as the spread of the coronavirus (Covid-19) raised fears of slowing demand worldwide.

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According to Reuters, Brent crude was down $1.42 to $50.31 a barrel while US West Texas Intermediate (WTI) futures dropped by $1.39 to $45.70 a barrel.

Concerns among the investors are increasing due to the spread of the coronavirus to more than 40 other countries.

The death toll from the virus has exceeded 2,850 as of the end of 27 February. The number of new deaths in mainland China stood at 44, an increase of 29 from the previous day.

The total number of recoveries worldwide has exceeded 36,000, of which 36,117 are in mainland China.

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Considered as the coronavirus epicentre in Europe, Italy has reported new cases that increased the total to 655. The death toll in the country has also risen to 17.

Energy consultancy Trifecta director Sukrit Vijayakar was quoted by the news agency as saying: “We have to believe that the Covid-19 virus will be contained sooner rather than later. I’m optimistic we should see some positive news by mid next week at the latest.

“Subsequently, the sudden drop in demand will rise back just as suddenly, to at least 75% to 90% of prior levels. The rise back will be spurred by current low prices.”

Next month, OPEC+ Group will meet in Vienna, Austria, to discuss output reductions. It is currently reducing output by roughly 1.7Mbpd in order to support prices.

A report by the International Energy Agency (IEA) predicts that the oil industry will shrink for the first time in more than ten years as a result of the coronavirus.