Today, oil prices tumbled nearly 3% towards a one-week low as the rapid spread of the coronavirus in several countries outside Chine left investors fretting about a hit to demand.

Brent crude LCOc1 was at $57.08  a barrel, after it fell about 2.4%.

However, U.S crude decreased about 2.4 % and was at 52.12$ a barrel.

It should be noted that crude oil on the Shanghai Futures Exchange fell 4.7% and the fuel oil contract on the Shanghai exchange’s International Energy Exchange slid 4.2%.