Fading hopes of swift action to support coronavirus devastated energy markets, Oil prices declining sharply after a meeting to discuss output cuts between OPEC and its allies was delayed.
US benchmark West Texas Intermediate sinks 8% at the open in Asia but clawed back some ground and was trading 5.7% lower, at $26.72 a barrel.
International benchmark Brent crude was down 4.3% to trade at $32.64 per barrel.
Oil prices have collapsed to levels not seen for years due to the coronavirus pandemic and a price war between Russia and Saudi Arabia, the kingpin of exporting group OPEC.
Travel restrictions, Business shutdowns, and other measures put in place to control the coronavirus outbreak have battered demand of oil.
Oil Prices had bounced back from 18 year lows last week after US President Donald Trump said that Saudi Arabia and Russia would draw a line under their dispute and agree to major output cuts.
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