Oil Falls Below $50 As Coronavirus Haunts Markets

Oil prices continued their downward slide on Monday, with Brent crude falling 4.19% by 4:20pm EDT, hitting lows not seen in 13 months as oil demand falters as the death toll for the coronavirus exceeds that of the SARS outbreak in 2002/2003. Brent crude was trading at $54.26 per barrel—the last time oil was that low was during the last week of 2018. WTI crude was also trading down on Monday, at $49.99—below the $50 threshold—after falling 3.04% on the day. Both benchmarks are down more than $10 over the last month. WTI is now…