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 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.