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Oil prices dipped lower in the international market on Monday, slipping over the global spread of the coronavirus epidemic. Brent crude was priced 2.9% lower, at $56.81 a barrel. US WTI was priced 2.6% lower, at $51.98 a barrel. The number of coronavirus cases jumped in different countries, including South Korea, Italy and Iran. South Korea is on high-alert with 700 infected people and seven deaths due to coronavirus.