Oil prices fell 2% today, plunging for fifth day to their lowest since January 2019 as a rise in new coronavirus cases outside China fuelled fears of a pandemic that could slow the global economy and dent demand for crude.

Brent crude LCOc1 was down $1.06, or 2%, at $52.37 a barrel at 10:11 GMT.

West Texas Intermediate (WTI) futures CLc1 fell by 97 cents, or 2%, to $47.76 a barrel.

The spread of the virus to large economies including South Korea, Japan and Italy has raised concerns that growth in fuel demand will be limited.

Consultants Facts Global Energy forecast oil demand would grow by 60,000 barrels per day in 2020, a level it called “practically zero”, due to the outbreak.