Oil price falls as virus fears hit hard

The price of oil fell sharply but global stock markets were mixed as investors scrambled to assess the potential fallout to world trade and tourism should the cases of coronavirus increase over the weekend.

Authorities have all but shut down China’s Wuhan, a city of 11 million and a major transport hub, at what is normally the busiest time of year — the Lunar New Year holiday — when millions of people travel home to visit their families.