2020.03.2310:28:00UTC+00Oil Prices Fall On Demand Worries

Oil prices were moving lower on Monday as governments around the world began or extended nationwide lockdowns to combat COVID-19, raising concerns about the impact on economic activity.

It's unclear whether the virus will cause a short economic hit or a "prolonged, full-blown recession.

Benchmark Brent crude plunged 5.3 percent to $25.55 a barrel, while West Texas Intermediate (WTI) crude futures were down 1.5 percent at $22.29 a barrel.

As the global death toll exceeded over 14,000 with more than 325,000 infections, New Zealand said it would close all schools and non-essential services across the country for at least the next four weeks.

Australia started shutting down pubs, clubs, gyms and houses of worship, with the country's borders expected to remain shut for 'six months or more'.

The United Arab Emirates (UAE) halted flights for two weeks while Singapore and Taiwan banned foreign transit passengers.

Eighty cities in India are going into complete lockdown till March 31 to contain the spread of coronavirus.

Nearly one in three Americans were ordered to stay home as the U.S. became the third-largest number of confirmed cases, behind China and Italy, respectively.

New York implemented dramatic restrictions Sunday as the pandemic threatened to make the state one of the world's biggest coronavirus hot spots.

Germany banned gatherings of more than two people while Italy banned internal travel.

Risk sentiment was also dented after the U.S. Senate failed to pass a key procedural vote to move forward with a huge stimulus package.