Oil prices slid more than 3% on Friday after Reuters reported that Russia will not agree to steeper oil output cuts by OPEC and its allies to support prices in the face of a slump in oil demand because of the global coronavirus outbreak.
Brent and WTI crude futures tumbled by nearly $3 a barrel after the report. By 1057 GMT Brent crude was down $1.74, or 3.4%, at $48.25 a barrel. U.S. West Texas Intermediate (WTI) was down $1.56, or 3.4%, at $44.34.
A Russian high-level source told Reuters on Friday that Moscow would not back an OPEC call for extra reductions in oil output and would agree only to an extension of existing cuts by OPEC and its allies, a group known as OPEC+.
The Organization of the Petroleum Exporting Countries (OPEC) held talks with its allies on Friday after the group told Russia and others that it favored an additional 1.5 million barrels per day (bpd) of cuts until the end of 2020.
Source : Reuters