Oil extends losses on price war, recession fears
Oil prices extended losses in Asian trade Friday due to a standoff between top producers Saudi Arabia and Russia, and mounting fears the coronavirus pandemic could spark a global recession.
West Texas Intermediate was down 0.5 percent at $31 a barrel while Brent crude slipped 0.3 percent to $33 a barrel shortly after markets opened.
Crude markets have been plunging this week after top exporter Riyadh began a price war amid a row with Russia on whether to cut output to support the virus-battered energy sector.
