At the start of a brand new trading week, WTI crude oil has turned extremely bearish, weakening by 2% to the lowest level in several months over escalating worries of the coronavirus denting demand for oil. At the time of writing, WTI crude oil is trading at around $52.90 per barrel.

Crude oil prices have been on the decline over the past few days as a result of rising worries that the pandemic could severely reduce demand for crude oil in China. Financial markets worldwide are being affected by worries of the epidemic and its possible effect on economic growth in China, Asia and other countries.

China has reported more cases and more deaths by the virus, and has extended lockdowns to cover more cities even as new cases get reported from other countries as well. Meanwhile, Saudi Arabia has stepped in and sought to calm markets by expressing confidence that China will succeed in containing the epidemic soon.