DUBAI: Oil prices suffered on global markets again on Wednesday as fears intensified about the economic effects of the coronavirus outbreak and soaring crude supplies. Brent crude, the Middle East benchmark, fell as low as $25.30, down more than 12 percent — its lowest price in nearly 20 years. West Texas Intermediate, the US standard, fell to just over $22 a barrel, a decline of more than 17 percent on the day. The price of crude has been plunging since the beginning of the month when the output agreement between Saudi Arabia and Russia fell apart. It has roughly halved from then, as the Kingdom has cut prices to global customers and dramatically ramped up supplies as global demand drops. Analysts believe the falls could continue. US investment bank Goldman Sachs is forecasting $20 per barrel by the middle of the year. “The oil demand collapse from the spreading coronavirus looks increasingly sharp,” Goldman said. A spokesman for President Putin said: “Of course, this is a low price. I would like it to be higher.” Some industry experts were hoping for a renewed supply deal between OPEC and Russia, but Saudi Arabia has shown no sign of wanting to be involved. The Kingdom is in the process of increasing its maximum sustainable capacity to 12.3 million barrels a day, ultimately going to 13 million. It has ruled out participation in OPEC talks due this month, but now canceled. In New York, shares were hit again on coronavirus fears, with the main S&P 500 index down more than 5 percent, despite official pledges of federal intervention to support markets and business activity.