Oil Futures Settle Sharply Lower, Post 5th Straight Weekly Loss

By | March 27, 2020
InstaForex
Oil Futures Settle Sharply Lower, Post 5th Straight Weekly Loss

Crude oil prices drifted lower on Friday, losing for a second successive day, as worries about energy demand outlook outweighed massive stimulus announced by central banks and governments to limit the economic impact of the coronavirus spread.

Oil’s slide was somewhat limited by a report from Baker Hughes that said active oil rigs count in the U.S. saw a significant drop this week.

West Texas Intermediate Crude oil futures for May ended down $1.09, or about 4.8%, at $21.51 a barrel, after touching a low of $20.88 in the session.

Brent crude futures were last seen trading at $25.10, down $1.26, or about 4.75%.

On Thursday, WTI crude oil futures ended lower by 7.7%, at $22.60 a barrel, after having added about 8% in the previous three sessions.

Oil prices dropped by about 5% in the week, going down for a fifth straight week.

In its latest report, the International Energy Agency has warned that global demand for crude oil will likely fall by as much as 20 million barrels per day.

Meanwhile, data released by Baker Hughes said the number of active oil rigs in the U.S. dropped by 40 to 624 in the week.


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