Industry

Oil prices plunge over 5% on OPEC reports, coronavirus

The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019.   | Photo Credit: Reuters

World oil prices, already slumping on coronavirus fears, extended losses to more than 5% on Friday on reports that Russia wants to delay deeper output cuts recommended by its OPEC allies.

In London morning deals, Brent North Sea crude dived to $47.02 per barrel, the lowest levels since July 2017. WTI tumbled to $43.28 - the lowest since late 2018.

Prices recovered some of the losses, although Brent was still down 4.4% and WTI 4.3% lower on its level late on Thursday in New York.

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

The Organization of Petroleum Exporting Countries (OPEC) is hoping to convince Moscow to back drastic production cuts to counter a predicted plunge in global oil demand triggered by the coronavirus outbreak.

On Thursday, ministers from the OPEC grouping recommended a combined cut of 1.5 million barrels per day.


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Printable version | Oct 17, 2021 10:25:58 PM | https://www.thehindu.com/business/Industry/oil-prices-plunge-over-5-on-opec-reports-coronavirus/article31001524.ece

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