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