2020.03.0609:32:00UTC+00Oil Prices Plunge On Demand Worries

Oil fell more than 2 percent on Friday to extend its slide from the lowest close in more than two years amid demand concerns as the spread of coronavirus showed no sign of abating.

More than 3,300 people have died globally and over 97,800 have been infected so far.

Cases soared in Italy, France, Greece and Iran, while a cruise ship was held off the Californian coast to test passengers showing symptoms of the disease.

Benchmark Brent crude tumbled 2.9 percent to $48.55 a barrel, while U.S. West Texas Intermediate (WTI) futures were down 2.3 percent at $44.84 per barrel.

The coronavirus outbreak will cut global growth by 0.1 percent to 0.4 percent and it will have a significant impact on developing Asian economies through weak domestic demand, tourism, trade and production linkages and supply disruptions, the Asian Development Bank said.

According to ADB analysis, the global impact will be in the range of $77 billion to $347 billion, or 0.1 percent to 0.4 percent of global gross domestic product.

Meanwhile, investors await Russia's decision on whether to back the 1.5 million barrel-a-day output cut proposed on Thursday by the Organization of Petroleum Exporting Countries.

OPEC+ is expected to announce its final decision at its meeting today.