Oil prices were up more than 5% on Friday but set for their worst weekly drubbin...
LONDON - Oil prices were up more than 5% on Friday but set for their worst weekly drubbing since the 2008 financial crisis as investors fretted over the coronavirus knocking demand and plans by producers to boost output.
Brent this week is set to fall by around 23% in its biggest weekly decline since December 2008, when it fell nearly 26%. “I would also point out that in the context of the recent moves it’s not really a major move,” he added, noting that “volumes are terrible” and down significantly on average. Prospects for a flood of low-priced oil from Saudi Arabia, the world’s largest exporter, and the United Arab Emirates is intensifying the pressure on prices after talks among producers on curbing supply collapsed last week.
Russian oil producers met with Energy Minister Alexander Novak on Thursday but did not discuss returning to the deal, with the head of Gazprom Neft saying they plan to raise output in April.
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