Oil futures took a fresh tumble on Monday despite co-ordinated global action by central banks to inspire battered commodity and equity markets, reeling amid the spread of the Covid-19 virus.

Traders are bracing themselves for a tidal wave of fresh supplies to hit the market next month amid the intensifying price war sparked by the collapse earlier this month of talks between Opec and Russia over output in the wake of the coronavirus outbreak.

The United Arab Emirates joined fellow Persian Gulf producer Saudi Arabia in discounting its crude exports in an effort to increase its market share.