2020.02.2810:00:00UTC+00Oil Prices Tumble Again On Coronavirus Fears

Oil prices hit their lowest level in over a year on Friday as the coronavirus spread beyond its epicenter in China to more than 40 other countries, raising fears of demand destruction.

Benchmark Brent crude for May delivery tumbled 2.7 percent to $50.33 a barrel, a 14-month low.

West Texas Intermediate (WTI) crude futures were down 3.45 percent at $45.47 per barrel, heading for a weekly decline of about 14 percent, the biggest weekly loss since May 2011.

The deadly virus continues to spread to new countries, exacerbating fears of a global slowdown.

China's National Health Commission reported 327 new confirmed cases and 44 new deaths as of Thursday. South Korea confirmed an additional 256 new coronavirus cases, bringing the country's total to 2,022.

Japan is closing schools to limit the spread of the outbreak. "I'm aware of views that if the virus spreads, it could have a huge impact on the economy," Prime Minister Shinzo Abe told parliament.

Germany reportedly quarantined around 1,000 people at home in the west town of Heinsberg.

Italy, Iran and Kuwait have reported more infections, while Nigeria confirmed its first case. Saudi Arabia banned foreign pilgrims entering the country to prevent the spread of the deadly virus in the Kingdom.

In the U.S., California Governor Gavin Newsom said 33 people have tested positive for the coronavirus and the state is currently monitoring at least 8,400 others.