Oil stretches losses, Brent drops more than 6%

Oil prices fell on Friday, to extends losses amid fears of a sharp impact on global demand due to the coronavirus pandemic.

Russia criticized OPEC for not reaching a cut agreement and sparking a price war that damaged the balance in the market.

The coronavirus infections increased to above 500,000 cases worldwide, with 86,000 in the US, as it has surpassed the number of infections in China and Italy, which makes it the new epicenter for the deadly virus.

Baker Hughes revealed today the US oil drilling rigs count fell by 40 rigs this week, indicating a suspension in the US production activity due to the coronavirus.

As of 17:05 GMT, WTI crude fell 5.3% to $21.4 a barrel, after it hit a day high of $23.4 and and a low of $21.04.

Brent lost 6.6% to $24.6 a barrel, with a high of $27 and a low of $24.1.