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Oil prices fell 2% on Thursday on concerns that if China's epidemic spreads, it will impede economic growth and may reduce fuel demand, but a reduction in U.S. crude inventories has limited the decline.
Brent crude oil futures fell $1.17, or 1.9 percent, to $62.04 a barrel, a day low of $61.25 a barrel, the lowest level since the beginning of December last year.
US crude oil futures for March delivery fell $1.15, or 2%, to $55.59 a barrel, with the day's lowest at $54.77, the lowest level since November last year.
On Thursday, two Chinese cities were blocked, and health authorities around the world were acting urgently to prevent a global pandemic. The coronavirus outbreak has killed 18 people and infected more than 600 people.
This aroused people's memory of SARS (SARS) from 2002 to 2003, which also broke out in China and severely damaged the tourism industry.
"Such health problems will seriously hinder normal travel, as a result, the demand for aviation coal and diesel oil in the oil market will be greatly reduced, and it is extremely difficult to measure the demand until the epidemic is under control," said Jim ritterbusch, President of ritterbusch and associates, a trade consultancy.
As tensions between the United States and Iran have recently intensified, the United States on Thursday imposed Iran related sanctions on two individuals and six companies, including four related to the National Iranian oil company.


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