US oil prices fall 10.1% to end at $41.28 as OPEC deal falls apart

US oil prices ended down more than 10 percent Friday after a proposed deal among petroleum producers to cut output fell apart, raising fears of a glut as the coronavirus outbreak saps demand.

The US benchmark futures contract, West Texas Intermediate for delivery in April, ended at $41.28 a barrel, down 10.1 percent. 

The big drop came after major producers failed to agree to production cuts after Russia balked at a proposal by the Organization of the Petroleum Exporting Countries to trim crude output by 1.5 million barrels per day in face of the lower demand due to the epidemic.

SOURCE: AFP