Oil drops below $60 as China virus stokes demand concern - Reuters:
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, fuelling expectations of slowing oil demand.
Brent crude LCOc1 was down $1.51 a barrel, or 2.5%, to $59.18 at 1254 GMT, its lowest since late October and the biggest intra-day fall since Jan. 8.
U.S. crude CLc1 was down $1.37, or 2.53%, at $52.82. Both contracts had earlier fallen by more than 3%.
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.
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