Today, crude prices dropped below $60 for the first time in nearly three months as China’s coronavirus rose, and more businesses were forced to shut down.

Brent crude LCOc1 fell by $1.79 a barrel, or 2.95%, to $58.90 by 09:03 GMT, its lowest since late October.

U.S crude CLc1 was down by $1.63, or 3%, at $52.55.

Global stock exchanges also fell as investors are increasingly anxious about the widening crisis.

Today, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud announced that OPEC and allied global producers led by Russia can help to balance the oil markets in response to any demand changes.