Oil slides 4% on demand concerns as coronavirus spreads

Oil slides 4% on demand concerns as coronavirus spreads

LONDON (Reuters) - Oil prices slumped by 4% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the impact on demand for crude.. Global equities also extended losses as worries about the impact of the virus grew, with the number of cases jumping in Iran, Italy and South Korea.. Italy reported a fifth death from the flu-like virus and 150 infections.. Oil prices received some support after local health officials in China said on Monday that four provinces had lowered their virus emergency response measures.. Drillers added one oil rig last week, bringing the total count to 679, the highest since the week of Dec. 20, said energy services company Baker Hughes..