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
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