Oil prices keep falling as virus fears weigh

Oil prices fell for a fifth day on Thursday, hitting their lowest since early 2019, as the coronavirus outbreak raised growing fears for global growth.

Ciara Lee reports

Oil prices just keep falling.

On Thursday (February 27) they were down for a fifth day, hitting their lowest since January 2019.

International benchmark Brent crude was down over one percent in early trade, sinking below 53 dollars per barrel.

No mystery about the driver.

Fear now steadily mounting over what the coronavirus means for global growth.

That’s after it spread to large economies like South Korea, Japan and Italy.

Critical now is what happens in the U.S. - the largest producer AND consumer of oil.

Analysts say any sign of a major outbreak there would be likely to drive further big price drops.

Market players are now watching for any sign of action by OPEC.

Many think the oil producers’ group could cut output to bolster prices OPEC member states, and ally Russia, are set to meet in Vienna from March 5th.

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