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.
