2020.02.2609:55:00UTC+00Oil Prices Extend Losses For Fourth Day

Oil prices fell over 1 percent on Wednesday to extend losses for a fourth straight session as the threat of a global coronavirus pandemic grew.

Benchmark Brent crude fell 1.45 percent to $53.48 a barrel as negative headlines surrounding the viral outbreak overshadowed hopes for deeper output cut by the Organization of the Petroleum Exporting Countries (OPEC) and its allies. U.S. West Texas Intermediate crude futures were down 1.1 percent at $49.33.

The number of confirmed new coronavirus cases in South Korea topped 1,100 and outbreaks in Italy and Iran spread to more countries, raising concerns about the impact of the outbreak on global growth.

The flu-like virus has now spread to several countries in Europe and the Middle East, with Switzerland, Austria and Romania reporting their first infections on Tuesday.

The U.S. Centers for Disease Control and Prevention warned that Americans should begin to prepare for community spread of the coronavirus in the U.S.

Mainland China had 406 new confirmed cases of coronavirus infections on Tuesday, the country's National Health Commission said, down from 508 cases a day earlier.

Earlier this week, Goldman Sachs said commodity prices could fall sharply before any rebound on the back of Chinese stimulus efforts.

Saudi Arabia's energy minister said on Tuesday he was confident that OPEC and its partners, known as OPEC+, would respond responsibly to the spread of the coronavirus. The group will next meet in Vienna on March 5 and 6.