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Oil on Track to Post Record Weekly Low in More Than 4 Years

Oil prices dropped to a minimum of more than a year on Friday and can register a maximum weekly decline for more than 4 years, as the rapid spread of coronavirus raised concerns about a slowdown in global demand.

oil prices on track to post worst weekle resultPhoto: Flickr

Fears of a pandemic intensified, while authorities are trying to prevent the further coronavirus spread, the cases of which were detected already in about 46 countries, in addition to China.

Brent international benchmark slid by 2.75 percent, to $50,30 per barrel, while WTI oil crude futures lost 2.95 percent, to $45,70 per barrel on Friday, at 0835 GMT.

One should mention, that over the week, WTI benchmark has lost about 14 percent – the maximum since May 2011, Brent – near 13 percent – the maximum since mid-January 2016.

The only light at the end of the tunnel seen by markets is hoping for an increase in production decline by the OPEC+ group, which previously promised to respond responsibly to the effects of the Covid-19 virus outbreak.

Source: Reuters