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Oil slumps again as coronavirus hits demand and price war bites

Oil fell on Monday 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, while a price war between top producers added to a growing supply glut.

Brent crude fell $2.07 to $31.78 a barrel by 0729 GMT, extending last week’s plunge of 25%, which was 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.

U.S. crude was at $30.35, down $1.38 after slipping below $30 earlier in the session, losing ground despite U.S. President Donald Trump’s pledge to fill strategic petroleum reserves (SPR) in the world’s largest oil consumer “to the top”.

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