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Oil prices slumped by 4 percent yesterday 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 $2,34, or 4 percent, at $56,16 barrel by 1305 GMT. US crude futures fell by $2,05, or 3,8 percent, to $51,33.
“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.
South Korea’s fourth-largest city, Daegu, was increasingly isolated as the number of infections there rose rapidly. The country reported its seventh death after raising its infectious disease alert to its highest level. Italy reported a fifth death from the flu-like virus and 150 infections. — Reuters.
Peter Tanyanyiwa
Online Reporter