Crude oil drops 2% as steeper Opec+ output cuts not yet agreed

LONDON: Oil prices slid 2 per cent on Friday on concerns that Russia may not agree to a steeper Opec+ output cut to support prices and on the spectre of a prolonged economic slowdown due to the coronavirus outbreak.

Brent crude was down $1.20, or 2.4 per cent, at $48.79 per barrel by 0954 GMT, while US West Texas Intermediate (WTI) was $1, or 2.1 per cent, lower at $44.90 per barrel.