2/24, 2:27 PM (Source: TeleTrader)
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Oil sinks further, coronavirus in focus

Prices of oil futures took a beating on Monday as investors remained troubled over the news that the coronavirus is spreading quickly outside China into Europe and elsewhere.

Earlier today, Austria decided to temporarily stop train travel with Italy as the country battled the largest COVID-19 outbreak in Europe. In Italy, the number of infected people surpasses 200, with four deaths reported within a 48 hour period.

West Texas Intermediate for April settlement sank 3.69% to $51.41 per barrel, while Brent futures for deliveries in the same month fell 3.81% to $56.28 a barrel at 8:16 am ET.

Breaking the News / BJ