Oil prices plunged to their lowest since 2016 on coronavirus

Oil prices dropped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand, Reuters reports.

"Brent LCOc1 futures for April delivery, meanwhile, lost USD 1.66, or 3.2%, to settle at USD 50.52 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell USD 2.33, or 5.0%, to settle at USD 44.76. That is the lowest closes for both Brent and WTI since December 2018," the message reads.

For the week, Brent lost almost 14%, its biggest weekly percentage decline since January 2016, while WTI fell over 16% in its biggest weekly percentage drop since December 2008.

Rapeseed prices followed crude oil prices.

As of March 2, oil prices of the Intercontinental Exchange (ICE) resumed growth.