Brent falls for second straight day

Brent continued to drop as the US market opened on Monday, to deepen losses for the second straight day, as oil prices remain under pressure from the weak global demand outlook, as global governments are rushing to halt their economic activities to contain the coronavirus spread.

Brent crude fell to $24.68 a barrel, after it opened at $26.75, and hit a session-high of $26.75.

Brent futures fell 9% on Friday, to resume dropping after hitting a pause on Thursday, as the futures slumped to the lowest since May 2003 at $24.54 on Wednesday.

During the past week, Brent lost more than 23%, its fourth straight weekly loss, and the largest since March 2003, on fears over global demand stagnation.

Most forecasts for global demand are for massive drop, which is its worst modern crisis, as countries are banning travel and flights, closing their borders and locking down their countries, in efforts to ebb the rapid spread of the coronavirus.

The World Health Organization revealed that the coronavirus has infected more than 325,000 cases, and its death toll has increased to more than 14,000 victims worldwide.

The energy sector was not excluded from the coronavirus impact, as many oil companies have cut spending, and some producers have started giving employees paid sick leaves.

Additionally, major producers, led by Saudi Arabia and Russia, will deliver production hikes in April, after the collapse of the OPEC-Plus coalition, as the current output cut ends on March 31.