UPDATE 7-Oil prices sink to lowest in more than a year

* Brent and WTI set for sixth straight losing session
* WTI on track for worst weekly fall since 2008
* OPEC+ meets next week to discuss deeper output cuts

(New throughout, updates prices, market activity and comments)
By Scott DiSavino
NEW YORK, Feb 28 (Reuters) - Oil prices slumped for a sixth
day in a row on Friday to their lowest in more than a year, set
for their steepest weekly fall since 2016 as the global spread
of the coronavirus stokes demand fears.
Investors worried about an economic slowdown weighing on oil
demand as the virus spreads beyond its epicenter in China to
more than 50 other countries.
The most active Brent future for May LCOc2 delivery was
down $1.84, or 3.6%, at $49.89 a barrel by 12:52 p.m. EST (1752
GMT), its lowest since July 2017.
Brent LCOc1 futures for April delivery fell $1.65, or
3.2%, to $50.53 a barrel, while U.S. West Texas Intermediate
(WTI) crude CLc1 fell $2.25, or 4.8%, to $44.84.
That put Brent on track to fall about 14% for the week, its
biggest weekly decline since January 2016, while WTI was down
16%, its biggest weekly decline since December 2008. At the
session low, Brent's weekly percentage decline would have been
its biggest since 2008.
The volume for the Brent May LCOc2 futures was on track to
top the 506,258 contracts traded on Thursday, which was the
highest for second-month since September 2019.
Coronavirus panic also sent global stock markets and
industrial and precious metals prices tumbling, compounding
their worst week since the 2008 global financial crisis with
losses amounting to $5 trillion. MKTS/GLOB
"Virtually all fixed assets are attempting to accurately
discount GDP and demand impact from the coronavirus that still
appears to be spreading rather than contracting," Jim
Ritterbusch, president of Ritterbusch and Associates in Galena,
Illinois, said in a report.
Mainland China reported 327 new cases, the lowest since Jan.
23, taking its tally to more than 78,800 cases and almost 2,800
deaths. But as the outbreak eases in China it is surging
elsewhere. The number of affected countries and territories outside
China stood at 55, with more than 4,200 cases and about 70
deaths.
Benchmark Brent crude's slump this week is likely to focus
minds when the Organization of the Petroleum Exporting Countries
and allies including Russia, collectively known as OPEC+, meet
next week to discuss output.
"OPEC+ was wrong with their optimistic assessment of the
impact of the coronavirus and they are paying for it," Edward
Moya, senior market analyst at OANDA in New York, said in a
report, noting "OPEC+ will have to deliver a deeper production
cut as oil prices remain in freefall."
Several key OPEC members are leaning towards a bigger than
previously expected oil output cut, four sources with knowledge
of the talks said. Saudi Arabia, the biggest producer in OPEC, and some other
members are considering a cut of 1 million barrels per day (bpd)
for the second quarter of 2020, up from an initially proposed
cut of 600,000 bpd, the sources said.
OPEC+ is due to meet in Vienna over March 5-6.
Saudi Arabia, which said it would continue to engage with
Russia on oil policy, is reducing crude supplies to China in
March by at least 500,000 bpd owing to slower refinery demand.