Oil Drops as Coronavirus Outbreak Saps Chinese Demand

Pump jacks and wells are seen in an oil field on the Monterey Shale formation where hydraulic fracturing, or fracking, is used to extract gas and oil near McKittrick, Calif., on March 23, 2014. David McNew/Getty Images

Oil prices fell on Monday as the fallout from the coronavirus outbreak continues to sap Chinese demand for energy.

As of 11:30 EST, U.S. West Texas Intermediate futures fell 0.85 percent to $49.97 per barrel, while Brent Crude futures dropped by 1.21 percent to $53.78 per barrel.