WASHINGTON (dpa-AFX) - Oil prices fell again on Thursday as the coronavirus infected 95,000 people in more than 80 countries and caused over 3,200 deaths.
A lower-than-expected rise in crude oil inventories in the United States as well as expectations that major oil producers have moved closer to an agreement to enact deeper output cuts helped to limit the downside to some extent.
Ministers of the Organization of the Petroleum Exporting Countries (OPEC) will be holding their formal meeting later today, followed by a meeting of the broader OPEC+ group including Russia on Friday.
It is expected that that existing cuts of 2.1 million bpd by the group may be extended until the end of 2020.
Both Brent crude and U.S. West Texas Intermediate futures were down about 0.7 percent at $50.77 per barrel and 46.45 per barrel, respectively.
While the pace of coronavirus spread slowed sharply in China, the virus is now spreading more rapidly in countries like South Korea and Italy.
South Korea reported an additional 516 cases of coronavirus Wednesday, bringing the total to 5,328 confirmed cases, the largest outbreak outside of mainland China.
In Italy, there have been more than 2,000 cases, with all schools and colleges shut for 10 days.
California declared a state of emergency as a cruise ship was held off the coast over fears of a new outbreak.
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