Crude oil prices on Friday were heading for their biggest monthly decline since May 2019 with low global oil demand concerns due to the coronavirus epidemic.

Brent crude was trading at $57.45 per barrel at 1205 GMT on Friday, leaning towards a 13.5% monthly loss after it opened at the start of January with $66.41 a barrel, according to official figures.

American benchmark West Texas Intermediate was at $52.39 a barrel at the same time, heading for a 14.8% decline after it started this month at $61.52 per barrel.

In May 2019, crude oil prices lost more than 15%

Read more: Oil prices head for biggest monthly decline since May