UPDATE 14-Oil takes biggest daily dive in over a decade as Russia, OPEC split

* Brent hit lowest since 2017, WTI lowest since 2016
* Russia rejects OPEC proposal for extra 1.5 mln bpd in cuts
* Coronavirus infected over 100,000 people worldwide
* Brent and WTI both down over 30% so far in 2020

(New throughout, updates prices, market activity)
By Scott DiSavino
NEW YORK, March 6 (Reuters) - Brent slid to its biggest
daily loss in more than 11 years on Friday after Russia balked
at OPEC's proposed steep production cuts to stabilize prices hit
by economic fallout from the coronavirus, and OPEC responded by
removing limits on its own production.
More than 1 million U.S. crude contracts changed hands
during the session, as the three-year pact between OPEC and
Russia ended in acrimony.
"Prices plunged because the OPEC confab ended up being an
epic fail on the part of all involved. Russia has clearly
decided to employ a scorched earth approach to the oil market:
every country for itself," said John Kilduff, partner at Again
Capital LLC in New York.
Brent futures LCOc1 had their its biggest daily percentage
fall since December 2008, down $4.72, or 9.4%, to settle at
$45.27 a barrel. It was Brent's lowest closing price since June
2017.
U.S. West Texas Intermediate crude CLc1 dropped $4.62, or
10.1%, to $41.28, its lowest close since August 2016 and the
largest daily percentage loss since November 2014.
More than 4.58 million U.S. front-month crude contracts
changed hands this week, the busiest week ever for that
contract.
Both Brent and WTI are down over 30% so far this year.
The number of people infected with coronavirus across the
world surpassed 100,000 as the outbreak reached more countries
and the economic damage intensified. Business districts began to
empty and stock markets tumbled. MKTS/GLOB The split between OPEC and Russia revived fears of a 2014
oil price crash, when Saudi Arabia and Russia fought for market
share with U.S. shale oil producers, which have never
participated in output-limiting pacts.
OPEC was pushing for an additional 1.5 million barrels per
day (bpd) of cuts until the end of 2020.
Non-OPEC states were expected to contribute 500,000 bpd to
the overall extra cut, OPEC ministers said. The new deal would
have meant OPEC+ production curbs amounting to a total of 3.6
million bpd, or about 3.6% of global supply.
"From (April 1) all oil producers are allowed to produce as
much as they like," analysts at ABN AMRO said in a report. The
Dutch bank cut its Brent oil price forecast for 2020 by 15.5% to
$49 a barrel from the previous forecast of $58.
The bank noted that OPEC Secretary General Mohammad Barkindo
indicated there will be more informal meetings on the proposed
cuts in coming weeks, however.