The coronavirus outbreak could take the crude oil price to $40 per barrel if it continues in March, according to Peter McGuire, CEO of XM Australia.

“If you don’t get a deal from OPEC and you see further outbreak as far as coronavirus... and perhaps more significant February and March, it will be down to mid-USD 40/bbl mark," said McGuire in an interview with CNBC-TV18.

“We have got demand destruction, we have seen what is going on as far as China... we understand the global ramifications and only a week-and-a-half ago we were at $53 per bbl, hit $49-50 per bbl and bounced back at $52 per bbl..., he added.

The death toll from a new coronavirus in China has risen by 73 to 563, as of today, while the total number of those infected is 28,299 with 3,863 critical cases.