3/27, 3:09 PM (Source: TeleTrader)
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Oil prices drop over 5% as coronavirus fears persist

Oil prices fell on Friday as demand worries amid the coronavirus pandemic persisted after most economic activity was put to a halt due to the global health threat.

Meanwhile, Saudi Arabia said that it is not in talks with Russia over market stabilization. The two countries failed to agree on an output cut extension in early March, starting a price war which has only been intensfied by the coronavirus crisis.

West Texas Intermediate (WTI) futures due in May dropped 5% to $21.46 per barrel at 9:57 am ET. International benchmark Brent for the same month plummeted 6.53% to go for $24.62 per barrel at 9:58 am ET.

Breaking the News / VP