Oil plunges over 5pc on OPEC reports, coronavirus

LONDON (AFP) – World oil prices, already slumping on coronavirus fears, extended losses to more than five per cent yesterday on reports Russia wants to delay deeper output cuts recommended by its OPEC allies.

In London morning deals, Brent North Sea crude dived to USD47.02 per barrel, the lowest levels since July 2017. WTI tumbled to USD43.28 – the lowest since late 2018. Prices recovered some of the losses, although Brent was still down 4.4 per cent and WTI 4.3 per cent lower on its level late Thursday in New York.

The sudden plunge yesterday came with all eyes on Russia at the gathering of OPEC countries and non-cartel producers in Vienna.