Oil slumps more than 4 per cent on coronavirus fears

Brent oil for April delivery tanked almost 4.2 per cent to USD 51.20 per barrel, while New York's WTI crude for the same month dived nearly 5.0 per cent to USD 46.31.

"Concerns that the virus will prompt a global slowdown, weaker consumer confidence and reduced travel has raised concerns about lower demand, weighing on prices," CMC Markets analyst Michael Hewson told AFP.

Investors are growing increasingly fearful about the economic impact of the new coronavirus or COVID-19 outbreak.

The virus continues to spread meanwhile, with Brazil reporting Latin America's first case, and Denmark, Estonia, Greece, Georgia, Norway and Pakistan following suit.

Around 2,800 people have died in China and more than 80,000 have been infected. There have been more than 50 deaths and 3,600 cases in dozens of other countries, raising fears of a pandemic.