Following the COVID-19 outbreak and the price war between Saudi Arabia and Russia, oil industry is impacted negatively as it marked its largest weekly collapse since 2008.
In fact, Brent is set to mark a drop of around 25%, meaning the biggest decline since December 2008, when it fell nearly around 26%.
For the records, Brent crude was up by 2.5% to trade at $34.04 per barrel, following its drop of more than 7% last week.
Moreover the U.S West Texas Intermediate crude gained 0.7% and settled at $31.73 per barrel.
For this week, WTI dropped more than 22%, marking its worst week since the financial crisis.
Following President Donald Trump’s decision to ban traveling from Europe, concerns over demand are continuing to increase.
Although crude managed to recover some of this week’s losses on Friday, there are still fears with oil more volatile than during the financial crisis.
Concluding, the US plans to take advantage of low oil prices amid the ongoing situation with COVID-19, in order to fill the nation’s emergency crude oil reserve, the US President Donald Trump announced.
