Brent oil drops amid coronavirus outbreak

Brent oil drops amid coronavirus outbreak

Oil prices fell on Monday despite efforts from global central banks and governments to combat the impact caused by the novel coronavirus outbreak.

International Brent oil futures plunged 4.2% to $32.42 by 2:00 AM ET (06:00 GMT). U.S. crude oil WTI futures were down 2.7% to $31.24.

Oil markets were down by a quarter last week, which was the largest drop since 2008. A potential price war between Russia and Saudi Arabia and worsening coronavirus situation globally were cited as the catalysts for the oil selling, Investing.com reported.

On Sunday, the U.S. Federal Reserve announced a massive emergency move by cutting rates to near zero and launching a new quantitative program. 

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