OPEC is learning that the Russians, and not the Saudis, might be the real power at the cartel. Oil prices posted a fifth-straight weekly loss after Moscow said it needed more time to consider deeper production cuts proposed by OPEC to deal with the collapse in energy demand from the coronavirus crisis.

Brent, the London-traded benchmark for crude oil, settled down 46 cents, or 0.9%, at $54.47 per barrel on Friday after Russian Energy Minister Alexander Novak stalled in giving his government’s assent to suggestions from OPEC’s suggestion that the group and its allies, which include Moscow, cut an additional 600,000 barrels per day in supply.

New York-traded West Texas Intermediate, U.S. crude benchmark, settled down 63 cents, or 1.2%, at $50.32

For the week, Brent fell 6.3% and WTI 2.4%. Combined losses over five weeks stood at more than 22% for both benchmarks, leaving them into bear market territory.

Source : Investing.com