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.
Ciara Lee reports
Oil slides 4% on demand concerns as coronavirus spreads
The rapid spread of the coronavirus outside China has got investors worried over the impact on crude.
Oil prices slumped by over 4% on Monday (February 24), while global equities also extended losses.
Chinese President Xi Jinping has said that the world's largest energy consumer will adjust policy to help cushion the economic impact from the outbreak.
Oil prices received some support after local health officials in China said that four provinces had lowered their virus emergency response measures.
But over the weekend the number of coronavirus cases jumped significantly in Iran, Italy and South Korea.
One oil analyst said the "coronavirus is currently an unstoppable force".
And some fear commodity prices could fall sharply before any rebound on the back of Chinese stimulus efforts.