Oil dropped more than 10% on Friday, giving back early gains, even as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.
U.S. crude futures for April fell $2.69, or 10.67%, to settle at $22.53 per barrel. Brent crude futures fell $1.25, or 4.4%, to trade at $27.20 per barrel.
Both U.S. contracts gained more than Brent because of U.S. plans to buy up to 30 million barrels of crude for its emergency stockpile by the end of June and reports that regulators in Texas might curtail output.
Source: CNBC