Stay 
Trading Conditions
Products
Tools
Oil extended losses on Thursday to hit their lowest level in seven weeks on concerns that the spread of a respiratory virus from China, which had killed 17 so far, could weigh on global growth and lower fuel demand.
The pneumonia-like illness is spreading quickly and widely, reminding many people of the SARS epidemic nearly 20 years ago.
Benchmark Brent crude tumbled 1.4 percent to $62.34 after losing 2.1 percent in the previous session.
U.S. West Texas Intermediate futures were down as much as 1.7 percent at $55.78 a barrel after declining 2.7 percent on Wednesday.
Analysts are also expecting an oversupplied market in 2020. The International Energy Agency (IEA) said a surplus of one million barrels per day of oil will keep a lid on oil prices in the first half of 2020.
According to a recent report from the EIA, crude oil production from seven major U.S. shale plays may climb by 22,000 barrels a day in February to 9.2 million barrels a day.
The American Petroleum Institute said late on Tuesday that U.S. crude supplies rose by 1.6 million barrels for the week ended Jan. 17, against expectations of a drop.
