Oil falls 1% as spreading virus compounds concerns over demand hit

TOKYO (Reuters) - Oil prices fell around 1% on Friday, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut output to buttress the market.Brent crude was down 64 cents, or 1.1%, at $58.67 a barrel by 0703 GMT, while U.S. crude dropped 54 cents, or 1%, at $53.34 a barrel.South Korea's fourth-largest city has become the latest virus hotspot, with streets abandoned and residents staying..