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[size=36]Oil is falling for the fourth week ... and the American has suffered the most weekly loss since 1991[/size]
Economy | 12:11 - 21/2020
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Follow-up - Mawazine News
, US crude tumbled 10.7% today, Friday, its biggest weekly decline since the 1991 Gulf War, as the global epidemic of Corona Virus dried up global demand and officials in Washington said an envoy would go to Saudi Arabia to deal with the repercussions of the oil price war between Saudi Arabia and Russia.
The week saw heavy sales over four days as a growing pandemic discouraged people from driving and booking flights.
Major forecasters such as oil trading giant Vitol and energy research firm IHS Market said demand for crude could fall by as much as 10 percent.
Oil prices rose strongly on Thursday after selling for days, but the rally did not last.
American crude prices incurred a weekly loss of 29 percent, the most severe since the outbreak of the Gulf War between the United States and Iraq in 1991.
Brent crude was down 20 percent. Both measurements fell for four consecutive weeks.
"As the economy continues to slow down almost to a halt, it is clear that demand crunch will grow. Whatever efforts to reduce production in the United States and capital spending, it is not sufficient at this time," said John Kildov, partner at Again Capital Management in New York.
Brent crude futures fell $ 1.49 today, or 5.2 percent, to settle the settlement price at $ 26.98 a barrel.
US crude contracts for April delivery fell $ 2.69, or 10.7 percent, to close at $ 22.53 a barrel. The contract term closest due today.
The US crude contract, the most active in May delivery, closed $ 3.28, or 12.7 percent, at $ 22.63.
American crude lost half its value in the past two weeks, and Brent fell about 40 percent, with demand shrinking due to the pandemic in conjunction with the collapse of coordinated production cuts between the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia. Ended 29 / p
, US crude tumbled 10.7% today, Friday, its biggest weekly decline since the 1991 Gulf War, as the global epidemic of Corona Virus dried up global demand and officials in Washington said an envoy would go to Saudi Arabia to deal with the repercussions of the oil price war between Saudi Arabia and Russia.
The week saw heavy sales over four days as a growing pandemic discouraged people from driving and booking flights.
Major forecasters such as oil trading giant Vitol and energy research firm IHS Market said demand for crude could fall by as much as 10 percent.
Oil prices rose strongly on Thursday after selling for days, but the rally did not last.
American crude prices incurred a weekly loss of 29 percent, the most severe since the outbreak of the Gulf War between the United States and Iraq in 1991.
Brent crude was down 20 percent. Both measurements fell for four consecutive weeks.
"As the economy continues to slow down almost to a halt, it is clear that demand crunch will grow. Whatever efforts to reduce production in the United States and capital spending, it is not sufficient at this time," said John Kildov, partner at Again Capital Management in New York.
Brent crude futures fell $ 1.49 today, or 5.2 percent, to settle the settlement price at $ 26.98 a barrel.
US crude contracts for April delivery fell $ 2.69, or 10.7 percent, to close at $ 22.53 a barrel. The contract term closest due today.
The US crude contract, the most active in May delivery, closed $ 3.28, or 12.7 percent, at $ 22.63.
American crude lost half its value in the past two weeks, and Brent fell about 40 percent, with demand shrinking due to the pandemic in conjunction with the collapse of coordinated production cuts between the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia. Ended 29 / p
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