The price of crude continued to plunge on Monday, dragged down by fears of the deadly coronavirus outbreak, raising concerns about the global economic growth.

International benchmark Brent crude was down 2.95 percent to $58.90 a barrel, after hitting $58.68 earlier, the lowest level since late October. US West Texas Intermediate crude nosedived more than three percent to $55.52, after falling to a four-month low of $52.1 a barrel.

The coronavirus could cut into demand by around 260,000 bpd and reduce oil prices by about $3 per barrel, according to a report from Goldman Sachs.

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Saudi Arabia’s minister of energy Prince Abdulaziz bin Salman said OPEC will be closely monitoring developments in global oil markets amid “gloomy expectations” of the outbreak’s impact on the Chinese and global economy. (RT)