Oil prices fell 5% today, Friday, to its lowest level in more than a year, while concerns continued about the repercussions of the new Corona virus crisis on demand for crude. Oil prices are heading towards the biggest weekly decline in more than four years.

The price of a barrel of Brent oil fell two dollars to its lowest level in today's trading session at 51.39 dollars a barrel, the lowest since December 2018.

US crude futures also extended their losses, falling more than 5% to the session low at $ 44.65 a barrel.

The Corona virus spread rapidly from China to 46 other countries, which led to growing fears of a slowdown in global demand for crude oil and fuel.

The markets hope that OPEC and its allies, led by Russia, in what is known as the OPEC Plus Alliance will reduce production further at the members ’meeting on the fifth and sixth of next month in Vienna.

Informed sources said that Saudi Arabia - the largest producer in OPEC - and some other members are considering agreeing to reduce production by one million barrels per day in the second quarter of 2020, in addition to a proposed initial reduction of six hundred thousand barrels per day.

"Whatever expected drop in production next week, it will be very little, too late, as oil prices have fallen rapidly," said Hui Li, economist at Overseas Chinese Banking Group in Singapore.

Oil has fallen about 25% since the beginning of the year due to falling demand and an expected slowdown in economic growth, which worries OPEC members.