New Delhi, Feb 24 : Global oil benchmark, Brent on Monday extended early losses and logged one of the biggest single day fall in the recent past.
Brent crude futures fell nearly 5 per cent to $ 55 a barrel over fears of further disruption in economic activity owing to the jump in coronavirus related deaths, particularly outside China.
The WTI Crude oil index also plummeted nearly 5 per cent to $50 a barrel as cases of coronavirus infection cases climbed sharply in outside China. South Korea reported its seventh coronavirus death and 161 new confirmed cases on Monday, taking the total number to 763.
Italy saw virus cases jumping exponentially from three on Friday morning to more than 150 by Sunday. Italy's spike now marks the biggest outbreak outside of Asia.
In China, the epicentre of the outbreak, coronavirus related death jumped past 2,600. The deadly virus has infected more than 77,000 people in China and was described by Chinese President Xi Jinping as the "largest public health emergency since the founding of the country".