Oil price sinks 4% on demand concerns as coronavirus spreads

Brent crude futures fell US$2.20, or 3.8%, to settle at $56.30 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.95, or 3.7%, to settle at $51.43 a barrel.

NEW YORK: Oil prices slumped by nearly 4% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the effect 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.