Oil is ailing due to coronavirus in China

Energy leaders are keeping an even closer watch on oil and natural gas prices as they fell to a more than one-year low this week due in part to the spread of the coronavirus in China.

Adding to the growing worries is speculation that OPEC might deliver another cut to oil production. But the coronavirus gets most of the attention as it has resulted in a drop in demand for crude oil in China.

Oil reports released this week by OPEC, the Energy Information Administration and the International Energy Agency will also have an impact on what the prices will do.

The markets will likely respond in kind. This week, West Texas Intermediate crude for March delivery fell 75 cents or 1.5%, finishing at $49.57 a barrel on the New York Mercantile Exchange. It was the lowest mark since Jan. 7, 2019.

April Brent crude lost $1.20 or 2.2% and ended at $53.27 a barrel on ICE Futures Europe—-the lowest settlement since Dec. 28, 2018.