Oil prices have been falling for nearly a month amid the spread of coronavirus that has already affected 28 countries outside of China – the virus’s place of origin.

Oil prices tumbled by four percent on Monday amid growing concerns over the coronavirus’ impact on global demand.

Brent, the London-traded global benchmark for crude, was down $2.81, or 4.9 percent, to $55.13 per barrel by 10:42 a.m. EST (15:42 GMT). Its previous sharpest decline in a day was 6.5 percent on September 17.

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