Price of Brent crude oil hit Monday its lowest level in 17 years as coronavirus-related fears and an appreciating U.S. dollar push global oil demand lower and oversupply continues.

The international benchmark spot prices were at $23.43 per barrel at 0817 GMT — its lowest level since November 2002, according to official data. American benchmark West Texas Intermediate (WTI) was at $18.69 a barrel.

The U.S. dollar, to which the oil prices are indexed, showed strong gains early Monday against other currencies.

U.S. dollar index, which includes a basket of currencies like the euro, Japanese yen, British pound, Canadian

Read more: Brent oil price hits $23 per barrel, lowest in 17 years