Brent oil dives over 7% despite stimulus efforts; calls mount for new OPEC+ deal

New York: Oil prices plunged more than 5% on Friday and were on track for a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world.

Both contracts are down nearly two thirds this year and the coronavirus-related slump in economic activity and fuel demand has forced massive retrenchment in investment by oil and other energy companies.

Brent crude was down $2.03, or 7.7%, at $24.31 a barrel by 12:03 p.m. EDT (1603 GMT). U.S. crude was down $1.29, or 5.7%, at $21.31.