Oil tumbles into bear market, hits more than 3-month low on fears coronavirus will slow global growth

• Oil dropped to its lowest level since October on Monday, as fears over a potential slowdown in crude demand, sparked by the coronavirus outbreak, continued to pressure prices.
• A slowdown in China’s economy would hit oil demand since the nation is the world’s largest crude oil importer —importing a record 10.12 million barrels per day in 2019 and the world’s second-largest oil consumer, according to data from the General Administration of Customs.
• S. West Texas Intermediate crude fell 1.9%, or $1.05, to settle at $53.14 per barrel, for the fifth straight session of losses, and the lowest closing price since Oct. 15. At its low, WTI dipped more than 3% to hit $52.13, a price not seen since Oct. 10. The contract is coming off its third straight week of losses and worst week since July, and is now trading in bear market territory after falling more than 20% from its recent April high of $66.60.
• International benchmark Brent crude fell 2.5%, or $1.53, to $59.16. It’s also coming off its third straight week of losses, and its worst week since Dec. 2018.

(Source: CNBC)