Oil prices skid on demand concerns as virus spreads globally

South Korea’s government put the country on high alert after the number of infections surged to over 700 with seven deaths, while in Italy, officials said a third person infected with the flu-like virus had died, as the number of cases jumped to above 150 from just three before Friday.

Iran said it had confirmed 43 cases and eight deaths, with most of the infections in the Shi’ite Muslim holy city of Qom. Saudi Arabia, Kuwait, Iraq, Turkey and Afghanistan imposed travel and immigration restrictions on the Islamic Republic.

Oil prices received some support after local health commissions in China said on Monday that four Chinese provinces — Yunnan, Guangdong, Shanxi and Guizhou — have lowered their coronavirus emergency response measures.

Chinese President Xi Jinping said on Sunday the world’s largest energy consumer will adjust policy to help cushion the blow to the economy from the coronavirus outbreak.