The coronavirus epidemic has pushed the price of Brent crude on Monday to its lowest in 31 months and on the same week that investors await the critical OPEC meeting that will be held in Vienna, Austria on Thursday.

International benchmark Brent crude fell as low as $48.40 per barrel on Monday to mark its lowest level since July 24, 2017, according to official data.

While this was the lowest level in two years and seven months, it was also a 32.5% decline since Jan. 8, 2020 when Brent peaked at $71.75 per barrel due to the rising tension

Read more: Coronavirus pushes Brent oil to lowest in 31 months