Oil prices continued to decline on Monday, to fall below $ 60 for the first time in about three months, with the number of deaths caused by the Corona virus in China and more companies having to close their doors, which raises expectations of slowing demand for oil.

By 11:28 GMT, Brent crude fell $ 1.95, or 3.2%, to $ 58.75 a barrel, its lowest level since late October, marking the largest decline in the session since January 8.
US crude fell $ 1.77, or 3.3%, to $ 52.42.

Global stocks also retreated as investors worried about the acceleration of the crisis. The demand for safe havens, such as the Japanese yen and Treasury bonds, has increased strongly.
The death toll from the Corona virus rose to over 80 and the Chinese government extended the lunar New Year holiday to February 2 in an effort to keep as many people as possible in homes to prevent the virus from spreading more widely.

The rapid spread of the virus has fueled fears of slowing oil demand and has fueled speculation that OPEC and its allies, including Russia, the group known as OPEC +, will consider production cuts.

The OPEC + group, which includes Russia and other producing countries, is slashing oil supplies to support crude prices for nearly three years, and on January 1 they agreed to cut production by 500,000 bpd to 1.7 million bpd until March.