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2020.02.2709:48:00UTC+00Oil Extends Losses For Fifth Day

Oil prices fell nearly 2 percent on Thursday, extending losses for the fifth straight session to their lowest since January 2019, on rising concerns about the outlook for energy demand.

Benchmark Brent crude fell 1.9 percent to $51.81 a barrel, while West Texas Intermediate (WTI) futures were down nearly 2 percent at $47.78 a barrel.

Fears grow over a coronavirus pandemic as the total number of coronavirus cases continued to grow across the world.

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.

Microsoft joined iPhone maker Apple Inc. and PC company HP Inc. in reducing its forward estimates, citing supply-chain disruptions related to the coronavirus.

The United States and South Korea postponed joint military drills today as the number of infections outside China, the source of the outbreak, for the first time surpassed those appearing in the country.

Officials are scrambling to contain the outbreak in Italy, which has reported 12 deaths and 400 confirmed cases in Europe's worst outbreak of the virus.

More than 18 cases of the virus have been confirmed in both Germany and France, while two French patients have died from the disease.

Bullish EIA inventory data failed to offer any support. Data released by the Energy Information Administration (EIA) showed that oil inventories climbed by 452,000 barrels in the week ended February 21, compared with expectations for an increase of 2 million barrels.

OPEC and allies are scheduled to meet in Vienna on March 5 and 6 to take a call on deepening production cuts.

Saudi Arabia's energy minister said earlier this week that he was confident that OPEC and its partners would respond responsibly to the spread of the coronavirus.

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