Oil extends slide, nears $30 a barrel as virus weighs on global economy
SINGAPORE - Oil extended losses on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.
U.S. crude was at $31.01, down 72 cents after slipping below $30 earlier in the session, despite U.S. President Donald Trump’s pledge to fill strategic oil reserves in the world’s largest oil consumer “to the top”. Earlier this month, the Organization of the Petroleum Countries and Russia failed to extend a production cut agreement which has been supporting prices since 2016.
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