Oil prices fall further 6 percent

Oil prices have plunged a further six percent Thursday after US President Donald Trump announced travel restrictions on Europe to combat the spread of the coronavirus, ramping up fears of more recession.

According to reports, Brent crude fell 5.8 to under $34 a barrel, while West Texas Intermediate slipped 6.2 percent to $31 a barrel.

Oil markets have been in turmoil since the start of the week, when they suffered their biggest one-day drop in years after Saudi Arabia slashed crude prices following a row with Russia over output cuts.

OPEC members had sought additional production cuts to shore up oil prices amid slumping demand, but non-OPEC members, refused to agree.

The coronavirus pandemic is also destroying demand for fuel as efforts to contain the spread of the virus have forced businesses to close.

The World Health Organization declared the outbreak a pandemic as the novel coronavirus has infected more than 118,000 people and killed nearly 4,300 worldwide.

SS