Oil prices sink to lowest in over a year, biggest weekly drop since 2016

[NEW YORK] Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand.

The coronavirus spread further, with cases reported for the first time in six countries across three continents, battering markets and leading the World Health Organization (WHO) to raise its impact risk alert to "very high."

The most active Brent future for May delivery fell US$2.06, or 4 per cent, to settle at US$49.67 a barrel, its lowest since July 2017.