Oil slid more than 4% on Monday, falling into bear market territory as the number of coronavirus cases outside of China surged, worrying investors that a subsequent slowdown in the global economy could dent the demand for crude.
U.S. West Texas Intermediate crude slid 5%, or $2.68, to $50.70 per barrel, while International benchmark Brent crude fell $3.06, or 5.2%, to trade at $55.44 per barrel.
Raymond James cut its oil outlook on Monday as the number of coronavirus cases continues to rise.
