Oil prices drop to lowest in more than a year as coronavirus spreads

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NEW YORK — Oil prices fell to their lowest in more than a year on Wednesday after hundreds of new coronavirus cases reported in Europe and the Middle East stoked fears that energy demand would decline, and on concerns that the virus could spread across the United States. Brent crude settled at $53.43 a barrel, shedding $1.52, or 2.77%, while U.S. West Texas Intermediate (WTI) crude settled at $48.73 a barrel, down $1.17, or 2.34%. Earlier in the session, both benchmarks hit their lowest since January...

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