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Oil Futures End With Weekly Loss of 23%


Saturday, 14 March 2020 02:21 WIB

Minyak WTIOil,Crude Oil


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Oil futures posted a modest gain on Friday, but lost 23% for the week-the largest weekly percentage decline since December 2008, according to Dow Jones Market Data. T

The market has likely "reacted correctly" to expectations that COVID-19 would drop oil demand by two to three million barrels a day for a few weeks, at least, and Russia and Saudi Arabia are ramping up production by 2 million barrels a day or more," Michael Lynch, president of Strategic Energy & Economic Research, told MarketWatch.

April West Texas Intermediate oil rose 23 cents, or 0.7%, to settle at $31.73 a barrel on the New York Mercantile Exchange.

Source : Marketwatch


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