Crude prices extended declines on Monday, dropping below $60 for the first time in nearly three months as the death toll from China's coronavirus rose and more businesses were forced to shut down, stoking expectations of slowing oil demand.

Brent crude fell by $1.79 a barrel, or 2.95%, to $58.90 by 0903 GMT, its lowest since late October. Oil prices last fell below $60 on Nov. 1.

U.S. crude was down by $1.63, or 3%, at $52.55.

Global stock exchanges also fell as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday that OPEC and allied global producers led by Russia can help to balance the oil markets in response to any demand changes.

Source: Reuters