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Oil Heads for Steep Weekly Slide after Coronavirus Turmoil


Friday, 24 April 2020 18:35 WIB

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Oil prices were broadly steady on Friday but headed for their third weekly loss as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis.

Brent crude was up 18 cents, or 0.84%, to $21.51 at 10:43 GMT, having risen 5% on Thursday, while U.S. oil WTI was steady at $16.50 a barrel, after rising 20% the day before. Both contracts traded within a range of around $2 a barrel.

Prices are heading for their eighth weekly loss in the last nine, with Brent on course for a 23% drop this week and U.S. West Texas Intermediate (WTI) set for a fall of around 9.5%.

WTI fell into negative territory, to minus $37.63 a barrel on Monday, while Brent dropped to a two-decade low.

Source : Reuters


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