Oil pares gains, Brent down nearly 30% for week
Crude gave up part of the gains from earlier in the session on Friday, on course for the biggest weekly loss since the 2008 financial crisis. So far, Brent has shed 27% for the week, while WTI is down 25%.
The already sluggish demand threatened to become even weaker earlier in the week when the US decided to suspend all travel from Europe. Adding to market woes, Saudi Arabia and the United Arab Emirates announced they would ramp up their output, adding more oil to an already flooded market.
Meanwhile, there is no indication Russia would return to the OPEC’s negotiating table after leaving it last week without a deal.
West Texas Intermediate futures for April settlement added 3.03% at 1:34 pm ET, going for $31.98 per barrel. Meanwhile, Brent contracts for May delivery gained 4.43% to $34.23 at the same time.
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