Brent was trading down $1.65, or 4.6%, at $34.14 , WTI was down $1.38, or 4.2%, at $31.60

EIA forecasts Brent crude oil prices will average $43/b in 2020, down from an average of $64/b in 2019. For 2020, EIA expects prices will average $37/b during the second quarter and then rise to $42/b during the second half of the year. EIA forecasts that average Brent prices will rise to an average of $55/b in 2021, as declining global oil inventories put upward pressure on prices.

Total global oil demand is now assumed at 99.73 mb/d in 2020, with 2H20 forecast to see higher consumption than 1H20. Considering the latest developments, downward risks currently outweigh any positive indicators and suggest further likely downward revisions in oil demand growth, should the current status persist.

Russia has long been seeking to capitalize on its OPEC ties with investment deals, which have been slow to materialize despite official state visits by Saudi King Salman to Moscow in 2017 and Russian President Vladimir Putin to Riyadh in October.

Brent slid $0.41, or 1.1%, to $36.81 a barrel, WTI dropped $0.42, or 1.2%, to $33.94 a barrel.

Brent were up $1.44, or around 4%, to $35.80 a barrel, after hitting a session high of $37.38 a barrel. WTI gained $1.52, or around 5%, to $32.65 a barrel, after hitting a high of $33.73.

On Friday, Russia refused to sign a deal with OPEC and its non-OPEC allies on additional production cuts for the rest of 2020 to counter the fall in demand caused by the spreading coronavirus outbreak.

Brent were down 22% at $37.05 a barrel, WTI fell by more than 24%, to $33.20 a barrel,

A Saudi industry source said the world's biggest oil exporter is merely responding to Novak's comments that as of April 1, countries are no longer bound by their quotas. The current OPEC+ agreement to cut 1.7 million b/d winds up at the end of March.

OPEC recommend extending the duration of the proposed 1.5 million barrel per day additional adjustment until the end of 2020, instead of 30th of June 2020.