UPDATE 7-Oil falls for 3rd day as virus fears accelerate on U.S. warning

* OPEC+ should not be complacent about virus - Saudi Arabia
* U.S. crude inventories expected to rise for fifth week
* OPEC+ scheduled to meet over March 5-6

(Updates with settlement prices)
By Jessica Resnick-Ault
NEW YORK, Feb 25 (Reuters) - Crude prices fell about 3% on
Tuesday, dropping for a third day, as concerns about the spread
of the coronavirus and its impact on oil demand outweighed OPEC
output cuts and Libyan supply losses.
The market sell-off accelerated after the U.S. Centers for
Disease Control and Prevention said Americans should begin to
prepare for community spread of the new coronavirus after
reports this week of new cases in several more countries.
Stocks across the globe fell on Tuesday to their lowest
since early December and the benchmark U.S. debt yield hit a
record low on concerns about the economic hit of the spread of
the virus. MKTS/GLOB
Brent crude LCOc1 fell $1.35, or 2.4%, to settle at $54.95
a barrel. U.S. West Texas Intermediate crude CLc1 dropped
$1.53, or 3%, to settle at $49.90 a barrel.
"Demand concerns are wiping out all of the gains we have
made over the last few weeks," said Bob Yawger, director of
energy futures at Mizuho in New York. "This is not a situation
that is going to suddenly get better."
South Korea aims to test more than 200,000 members of a
church at the centre of a surge in coronavirus cases. The virus
is also spreading in Europe and the Middle East. Concern about the demand impact from the virus has pushed
Brent down by almost $10 a barrel this year despite the shutdown
of most of Libya's output and a supply pact between the
Organization of the Petroleum Exporting Countries (OPEC) and
allies including Russia, a group known as OPEC+.
However, oil could come under more pressure from the latest
U.S. supply reports.
Crude inventories are expected to rise for a fifth week
running. The first of this week's two supply reports, from the
American Petroleum Institute (API), is due at 2130 GMT. EIA/S
Potential support for prices could also come from OPEC+
which is considering whether to curb output further. However,
scepticism is growing about the chance of further action.
"Doubts are emerging about the willingness of OPEC+ to
extend and expand the necessary production cuts," said
Commerzbank analyst Eugen Weinberg. The producers are due to
meet in Vienna over March 5-6 to decide policy.
Saudi Arabia's energy minister on Tuesday said OPEC+ should
not be complacent about the coronavirus. But Russia, key to any
deal, has yet to announce its position on further curbs.