Oil Plunges on Fears of Virus Spiraling Into a Global Pandemic
- New York futures tumble 3.7%, biggest drop in seven weeks
- Equities sink as outbreak spreads to more than 30 countries
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Oil tumbled by the most in almost seven weeks as the worsening coronavirus outbreak fueled concerns that the global economy will falter.
Futures fell 3.7% in New York on Monday, the largest drop since early January. The deadly virus has spread to more than 30 countries, raising the threat of a global pandemic. Infections spiked again in South Korea and Iran, while Afghanistan, Bahrain and Kuwait all reported their first cases.