U.S. crude hit its lowest price in more than a year on Wednesday as concerns about the spread of the coronavirus outside China once again dragged oil markets down and began to disrupt operations of key oil players in Europe.

The main U.S. oil-price gauge, West Texas Intermediate, was down 1.7% at $49.04 a barrel, on course for its lowest closing price since January 2019. Brent crude, the global benchmark, fell 2% to $53.20 a barrel.