Oil slumps 5% on demand concerns as coronavirus spreads

NEW YORK (Reuters) - Oil prices slumped by 5% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the effect on demand for crude.Global equities also extended losses as worries about the impact of the virus grew, with the number of cases jumping in Iran, Italy and South Korea. Brent crude futures fell $2.96, or 5.1%, to $55.54 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped by $2.58, or 4.8%, to $50.80 a barrel."As the..