Pedestrians wearing face masks cross a road in Hong Kong on Jan. 27. Photo: Anthony Wallace/AFP via Getty Images

Crude oil prices fell to their lowest levels in over three months Monday as traders weigh how much the spread of the coronavirus will eat into demand because travel and economic activity is curtailed.

Why it matters: The sharp drop, which follows declines last week, shows how the spreading virus is rippling through global markets.

  • Brent crude has declined by roughly $7-per-barrel over the last week and is currently trading around $58.29.
  • "I think we’re close to peak hysteria, so yes the move is justified. We’re in full panic mode," Global Risk Management trader Edward Marshall tells the Wall Street Journal.

The intrigue: OPEC and allied producers "have held preliminary discussions about making deeper cuts to oil production if the fallout from the coronavirus outbreak keeps weighing on crude prices," the Financial Times reports this morning.

What they're saying: Saudi Energy Minister Abdulaziz bin Salman sought to downplay concerns about the virus having a major effect on oil consumption.

  • "[T]he current impact on global markets, including oil and other commodities, is primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand," he said in a statement.

Go deeper: Coronavirus fears start to weigh on global business and stock markets

Go deeper

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Sports return stalked by coronavirus

Tampa Bay Rays left fielder Austin Meadows bumps elbows Friday during a workout at Tropicana Field. Photo: Kim Klement/USA Today Sports via Reuters

When MLB teams arrived at the ballpark this weekend for the first summer workouts of 2020, the comforting sounds of baseball brought smiles to players' faces.

Between the lines: Even the loudest crack of the bat couldn't mask the eerie silence or distract from the ever-present coronavirus threat.

239 scientists call on WHO to recognize coronavirus as airborne

People walk at the boardwalk in Venice Beach. Photo: Apu Gomes/AFP via Getty Images

A group of 239 scientists in 32 countries is calling for the World Health Organization to revise its recommendations to account for airborne transmission as a significant factor in how the coronavirus spreads, the New York Times reports.

The big picture: The WHO has said the virus mainly spreads via large respiratory droplets that fall to the ground once they've been discharged in coughs and sneezes. But the scientists say evidence shows the virus can spread from smaller particles that linger in air indoors.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 11,294,859 — Total deaths: 531,419 — Total recoveries — 6,078,552Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 2,839,917 — Total deaths: 129,676 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.