London (CNN Business) China's coronavirus outbreak has rattled oil markets, sending prices sharply lower as investors worry that efforts to prevent it spreading will harm the country's economy and reduce demand for crude.

Brent crude futures traded around 3% lower on Monday at $58.88 a barrel, their lowest level since October. US crude futures were down roughly 3%.

The price of Brent, the global benchmark, has tumbled by about 10% since January 17, when Chinese authorities confirmed the death of a second person infected with the virus. It has spread rapidly since then, leading the Chinese government to impose restrictions on transportation. Full, or partial lockdowns, are in effect in 15 Chinese cities, covering 60 million people.

The death toll now stands at 80, with nearly 3,000 confirmed cases in mainland China and more than 50 in other places including the United States.

"As the human cost continues to rise, investors have become increasingly concerned about the potential economic consequences of the disease," analysts at Rabobank said in a research note.

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