Oil continued to slide on Monday, with Brent dropping well below $60 per barrel, as panic around the coronavirus continues to mushroom. The number of casualties in China continues to climb, as do cases of the virus elsewhere in the world. The Chinese government has tried to quarantine Wuhan and other cities, affecting tens of millions of people. Multinational businesses in China are also implementing lockdown procedures. Brent has cratered by around $7 per barrel in a week, a steep drop that is “100% down to the coronavirus,” Edward Marshall, a commodities trader at Global Risk Management, told the Wall Street Journal . “I think we’re close to peak hysteria, so yes the move is justified. We’re in full panic mode.” The Economist Intelligence Unit said that the coronavirus could reduce China’s GDP growth rate this year by 0.5 to 1 percentage point. China’s GDP was already expected to […]