Oil extends losses as US Fed rate cut fails to soothe global markets
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”.
