Mumbai: Brent crude, the global benchmark oil, on Monday traded below the $57 a barrel mark.
The prices have cooled significantly from its 52 week high of $70 a barrel which the Brent touched at the height of US-Iran tension post the US killing of a top Iranian military leader, Qassem Soleimani.
Brent traded at $56.60 a barrel at noon as the death toll in China due to the deadly Novel Coronavirus increased to 361, with 17,205 infected cases.
The US central bank, the Federal Reserve had earlier expressed concern over the outbreaks and its impact on global growth.
However, Indian markets benefited from the declining oil prices. The benchmark Sensex rose over 140 points to 39,876.91.
The Sensex had lost nearly 1,000 points lower on Saturday after the Union Budget was tabled in the parliament. The broader Nifty traded 40 points higher at 11,701.65.
The top gainers were Nestle India, Hindustan Unilever, Bajaj Auto and Asian Paints.