Oil sinks to three-month lows as coronavirus raises demand fears - Reuters

Oil sinks to three-month lows as coronavirus raises demand fears - Reuters:

Crude futures dropped 2% to three-month lows on Monday as the death toll from China’s coronavirus grew, curtailing travel and fueling expectations of slowing oil demand.

Brent crude LCOc1 settled at $59.32 a barrel, losing $1.37, or 2.3%, its lowest since Oct. 21. U.S. crude CLc1 settled at $53.14 a barrel, was down $1.05, or 1.9%, its lowest since Oct. 2.

Global stock exchanges, which oil prices tend to follow, also sank as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.[MKTS/GLOB]

The death toll from the coronavirus rose to 81 and the Chinese government extended the Lunar New Year holiday to Feb. 2, trying to keep as many people as possible at home to prevent the virus from spreading further.