Oil Price Sinks Nearly 4%, Could Drop Further as Russia Refuses to Play Ball with OPEC
Oil prices are plummeting in early Friday trading, with West Texas Intermediate barrels changing hands for $44.05, down 3.7% from yesterday, and international benchmark Brent crude 3.4% cheaper at $48.13 a barrel.
In Vienna, the 14-state Organization of Petroleum Exporting Countries (OPEC) plus 10 more friendly oil producers such as Russia (which together make up OPEC+) are meeting later today to decide on export cuts to try and balance oil supply with demand -- which is declining in the face of Coronavirus.
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Source Fool.com
