WTI tanks 9% amid coronavirus fears

Oil futures extended losses on Friday as optimism over the United States intervention into the “price war” and the filling up of strategic reserves proved to be short-lived. Coronavirus fears and expected production increases by the OPEC and Russia continued to weigh on the markets.

West Texas Intermediate futures for settlement in May dropped 9.06% at 3:04 pm ET, going for $23.19 per barrel. At the same time, Brent contracts for the delivery in the same month declined 2.85%, selling for $27.30 a barrel.

Breaking the News / NI