OREANDA-NEWSWorld oil prices accelerated a decline on the London ICE, amid news of the spread of coronavirus from China. May futures for Brent crude oil fell 2.82% to $ 50.27 per barrel. The price of WTI falls by 3.1% - to $ 45.62 per barrel, according to trading data.

Now oil quotes are trading at the end of December 2018 and are approaching $ 50 per barrel. The price of Brent last time was below the level of $ 50 per barrel in the summer of 2017.

According to experts, Brent oil will continue to consolidate in the region of $ 50 per barrel with a possible decrease at least until the OPEC+ meeting, which will be held on March 5-6. In addition, if the organization’s decision to reduce production doesn't meet market expectations, oil quotes will continue to decline - up to $ 48. The recovery of oil prices can be facilitated by the appearance of positive news related to the coronavirus, as well as the decision of the OPEC+ committee to further reduce production.

In the case of increasing negativeness in market sentiment, as well as the emergence of real estimates of the large-scale pressure of the viral factor on the economies of the world outside of China, oil prices may temporarily drop to $ 45-50.