Oil falls for fifth day as coronavirus spreads outside of China

* New coronavirus infections outside China exceeds the
number
reported in China for 1st time
* U.S. crude stocks rise, gasoline inventories drop -EIA
* OPEC+ due to meet over March 5-6

TOKYO, Feb 27 (Reuters) - Oil prices fell for a fifth day on
Thursday to their lowest since January 2019 as a growing number
of new coronavirus cases outside of China deepened fears that
the global economy will slow and lower crude demand.
Brent crude LCOc1 was down 77 cents, or 1.4% at $52.66 a
barrel at 0204 GMT. The contract earlier fell to its lowest
since Jan. 4, 2019. West Texas Intermediate (WTI) futures CLc1
fell by 80 cents, or 1.6%, to $47.93 a barrel. The contract
earlier fell to its lowest since Jan. 2, 2019.
Brent prices have dropped 11% in the past five trading
sessions through Thursday, the biggest five-day percentage loss
since August 2019. WTI has declined 10.8% over the same period,
also the biggest five-day percentage drop since August 2019.
On Wednesday, the number of new coronavirus infections
outside China exceeded the number reported in China, the source
of the outbreak, for the first time ever. Italy and Iran are
emerging as new epicentres of the rapidly spreading illness.
President Donald Trump assured Americans on Wednesday
evening that the risk from coronavirus remained "very low".
However, Asian share markets fell on Thursday morning, as
investors fear the coronavirus spread will disrupt the global
economy as quarantines and other measures to halt its advance
slow trade and industry. MKTS/GLOB "Speculations that coronavirus may spread in the United
States prompted a series of fresh selling," said Kazuhiko Saito,
chief analyst at Fujitomi Co.
If an outbreak "continues to worsen in the United States,
oil prices will likely decline further, especially with U.S.
gasoline prices already plunging," Saito said.
The U.S. government reported a drop in gasoline inventories
last week, but U.S. gasoline prices RBc1 have taken a dive
since late last week due to concerns over slowing demand, Saito
said.
Gasoline stockpiles dropped by 2.7 million barrels in the
week to Feb. 21 to 256.4 million, the Energy Information
Administration (EIA) said on Wednesday, amid a decline in
refinery throughput. Distillate inventories fell by 2.1 million
barrels to 138.5 million.
U.S. crude oil stockpiles increased by 452,000 barrels to
443.3 million barrels, the EIA said, whic was less than the
2-million-barrel rise analysts had expected. EIA/S
The crude market was also watching for possible deeper
output cuts by the Organization of the Petroleum Exporting
Countries (OPEC) and its allies including Russia, a group known
as OPEC+. OPEC+ plans to meet in Vienna over March 5-6.