Oil plunges over 5% on OPEC reports, coronavirus

LONDON

: World oil prices, already slumping on coronavirus fears, extended losses to more than 5.0 per cent 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 USD 47.02 per barrel, the lowest levels since July 2017. WTI tumbled to USD 43.28 -- 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 on Friday came with all eyes on Russia at the gathering of OPEC countries and non-cartel producers in Vienna.

The Organisation of Petroleum Exporting Countries 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. (AFP)