Oil prices fall sharply

SINGAPORE Oil prices fell sharply Friday as top producers attempted to finalise a crucial agreement on output cuts in a bid to counter a collapse in demand due to the coronavirus pandemic. US benchmark West Texas Intermediate was down 9.3 percent at $22.76 a barrel in morning Asian trade while Brent, the international benchmark, slipped 4.1 percent to $31.48 a barrel. Prices have been struggling at near two-decade lows due to falling demand as economic activity grinds to a halt amid the virus outbreak, with the situation compounded by a price war between Saudi Arabia and Russia.—AFP