Coronavirus impact: Brent crude dives over 7% to lowest since 2003

As global oil demand plummets, Saudi Arabia is struggling to find customers for its extra oil, undermining its bid to seize market share by expanding production

Oil prices slumped anew on Friday with Brent North Sea crude plumbing a 17-year low owing to massive oversupply as the coronavirus crisis paralyses global demand.

Around 1435 GMT, Brent for May delivery was down 7.33 percent from Thursday, at USD 24.41 a barrel. West Texas Intermediate fell 5.97 percent to USD 21.25.

Oil has tanked in recent weeks on the back of collapsing demand, as COVID-19 slams the brakes on economic activity and the world's appetite for energy. Crude futures spiralled even lower this month after a fierce price war erupted between Riyadh and Moscow.

"The coronavirus pandemic is