US benchmark West Texas Intermediate plunged eight per cent at the open in Asia but clawed back some ground and was trading 5.7 percent lower, at USD 26.72 a barrel. International benchmark Brent crude was down 4.3 percent to trade at USD 32.64 per barrel.

Oil prices have tumbled 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.

Business shutdowns, travel restrictions and other measures put in place to contain the virus outbreak have battered demand.