Oil prices fell to the lowest in more than a year on Monday as the coronavirus outbreak curtailed Chinese demand and sparked potential supply cuts by OPEC and its allies. Brent crude LCOc1 was down $1.40, or 2.5% at $55.22 a barrel by 1:09 p.m. EST (1809 GMT), its lowest since January last year. U.S. West Texas Intermediate (WTI) crude CLc1 fell 83 cents a barrel to $50.73 after earlier touching a session low of $49.92, also the lowest since January 2019. “We have not seen a demand destruction event of this scale that moves this quickly,” said Phil Flynn, analyst at Price Futures Group in Chicago. As the outbreak hits fuel demand in China, the world’s biggest crude oil importer, refiner Sinopec Corp ( 0386.HK ) told its facilities to cut throughput this month by about 600,000 barrels per day (bpd), or 12%, the […]