Oil prices tumbled by more than 3% on Monday, as the rapid spread of a coronavirus in several countries outside China left investors concerned about a hit to demand.

Global shares also extended losses as worries about the impact of the new virus grew, with the number of infections jumping in Iran, Italy and South Korea.

Brent crude was down $2.16, or 3.7%, to $56.34 barrel by 0935 GMT. U.S. crude futures fell by $1.93, or 3.6%, to $51.45.

South Korea’s fourth-largest city, Daegu, grew increasingly isolated as the number of infections there rose rapidly, with some airlines suspending flights to the city until March 9 and March 28, respectively. The country reported its seventh death after raising its infectious disease alert to its highest level.

Italy reported a third death from the flu-like virus and 150 infections.

Source : Reuters