New York-Crude oil futures settled at fresh 14-month lows Friday as the continued global spread of coronavirus fed fears of flattening demand and raised the specter of economic downturn. ICE April Brent settled $1.66 lower at $50.52/b. NYMEX April WTI was $2.33 lower at $44.76/b at market close. Globally, 84,161 cases of coronavirus have been confirmed in 59 countries as of Friday, according to University of Virginia data. While the overall number of new cases continues to fall, the growth rate outside of China has accelerated this week, with major outbreak emerging in South Korea, Italy, and Iran.
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