Brent and U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China’s factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.

Brent crude LCOc1 was down $4.03, or almost 12%, to $29.82 a barrel by 13:39 GMT. The front-month price had risen $1 earlier in the session.

U.S. West Texas Intermediate (WTI) crude CLc1 was at $28.63, down $3.10 or almost 10%.

To combat the economic fallout of the pandemic, the Fed on Sunday slashed its key rate to near zero, triggering an unscheduled rate cut by the Reserve Bank of New Zealand to a record low as markets in Asia opened for trading this week.