Brent oil has sunk below $50 per barrel for the first time since December 2018, according to early trading on Friday. According to trading data, global oil prices plummeted 4 percent amid market volatility caused by fears of the coronavirus spread.
Brent was at $49.64 per barrel as of 9:37 GMT which constitutes a 4.04% drop, while WTI dropped below the $45 mark to $45.04 per barrel.
Oil quotes continue to fall amid demand risks caused by China's coronavirus. The disease continues to spread outside China prompting traders to fear that the disease may restrain economic growth, which will affect oil demand.
The sale also affected the stock markets - as early as Thursday, US exchanges fell 4.5%, while European exchanges have so far fallen 4.5-5%.
Over 83,300 people across the globe have contracted COVID-19, resulting in more than 2,850 deaths. However, the most recent figures indicate that over a third of the people who have contracted the disease have since recovered.