Oil slides 4% on demand concerns as coronavirus spreads
Oil prices slumped by 4% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the impact on demand for crude.
Global equities also extended losses as worries about the impact of the virus grew, with the number of cases jumping in Iran, Italy and South Korea.
Brent crude was down $2.42, or 4.1%, at $56.08 barrel by 1316 GMT. U.S. crude futures fell by $2.11, or 4%, to $51.27.
“The weekend’s developments provided us with a stark reminder that the coronavirus is currently an unstoppable force,” said Tamas Varga, an analyst at oil brokerage PVM.
