Brent falls to $50 a barrel over coronavirus fearstext_fields
Mumbai: Oil prices fell for the sixth consecutive day on Friday with the Brent crude, the international benchmark dropping nearly 4 per cent to $50 a barrel amid demand anxiety over the fast-spreading Coronavirus.
WTI crude oil also slumped to the lowest level in over a year, slipping below the $45 per barrel mark. Market remained subdued as investors foresee weak consumption demand on coronavirus which spread to more than 40 countries apart from epicentre China, Geojit Financials said in a note.
On Friday, Indian Oil Corporation (IOC) was the only gainer in the market along with Maruti Suzuki. On the Nifty, IOC finished at Rs 106.25 a share, higher by 0.57 per cent.
The World Health Organisation (WHO) has said that the coronavirus outbreak has reached a "decisive point" and has "pandemic potential" as the toll in China, the deadly disease's country of origin, increased to 2,788 on Friday.