Oil slumps more than 4.0% on coronavirus fears

World oil prices tumbled by more than four per cent on Thursday, as traders fretted about the impact of spreading coronavirus on crude demand, particularly from key consumer China.

Brent oil for April delivery tanked almost 4.2 per cent to USD 51.20 per barrel, while New York's WTI crude for the same month dived nearly 5.0 per cent to USD 46.31.