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Oil prices down a 5th week in a row as global demand drops

Saturday, 28 March 2020 01:59 WIB

Minyak WTI

Oil futures fell Friday, with the slowdown in energy demand sending prices down for a fifth straight week. U.S. benchmark prices, however, found modest support after Baker Hughes reported that the number of active U.S. oil rigs fell by 40 to 624 this week, indicating a likely decline in production.

May West Texas Intermediate oil fell $1.09, or 4.8%, to settle $21.51 a barrel on the New York Mercantile Exchange after trading as low as $20.88. For the week, prices fell nearly 5%.

Source: Marketwatch

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