Oil extends slide, nears $30 a barrel as virus weighs on global economy

Oil prices extended losses on Monday, slumping by more than $1 a barrel, as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus and mounting economic disruptions.

Over the weekend, more governments locked down by cancelling flights to contain the virus, telling some businesses like restaurants to close and encouraging more people to stay home.

Brent crude fell $1.83 to $32.02 a barrel by 2331 GMT, extending a plunge of over 20% last week. The front-month price opened at a high of $35.84 but slipped a low of $31.63.

U.S. crude was at $30.20, down $1.53 after slipping below $30 earlier in the session, despite U.S. President Trump’s pledge to fill strategic oil reserve at the world’s largest oil consumer “to the top”.