Oil extended losses on Monday as an emergency rate cut by the US 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.
Brent crude fell $1.13 to $32.72 a barrel by 0230 GMT, tumbling after last week’s plunge of 25 per cent, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63.
US crude was at $31.01, down 72 cents after slipping below $30 earlier in the session, despite US President Donald Trump’s pledge to fill strategic oil reserves in the world’s largest oil consumer “to the top”.
