Oil prices tumbled for a fifth day on Thursday to their lowest in more than a year, as further novel coronavirus cases outside China fanned fears that a pandemic could slow the global economy and erode demand for crude. Brent crude LCOc1 dropped $1.25, or 2.3%, to settle at $52.18 a barrel, off the session low of $50.97 a barrel, the lowest since December 2018. West Texas Intermediate (WTI) futures CLc1 sank $1.64, or 3.4%, to $47.09, after hitting their lowest since January 2019. For the first time since the outbreak erupted, the number of new coronavirus infections outside China exceeded new Chinese cases. Trading in oil markets suggested investors expect a prolonged period of oversupply, with demand hurt as the virus has spread to large economies including South Korea, Japan and Italy. “Oil is in freefall as the magnitude of global quarantine efforts will […]