Oil extends losses as coronavirus crisis mounts

Prices of crude oil extended losses on Monday as the coronavirus crisis continued to negatively impact industrial activities along with the travel sector. German carrier Lufthansa AG revealed the company plans to reduce its fleet size by removing eight A380s and ten A340-600s due to the lower demand in air travel.

Commenting on the expanding pandemic, ECB's President Christine Lagarde claimed the recovery highly depends on whether countries will be successful in stopping the virus from spreading. Meanwhile, the US CDC adjusted its guidance on Covid-19, so it is now saying that the virus can spread through the air in a range bigger than 2 meters.West Texas Intermediate for October's settlement tumbled 4.96 percent to trade for 39.07 dollars per barrel, while Brent for deliveries in November plunged 3.82 percent to sell for 41.50 dollars a barrel.