09:34 am
Saturday 25 April 2020
–
Cairo – Agencies:
Oil rose on Friday, but remained on a weekly decline, the eighth decline in nine weeks, as global production cuts were unable to keep pace with the collapse in demand caused by the Corona virus pandemic, according to Reuters.
Crude futures rebounded late in the session after US drilling rig numbers showed that producers sharply reduced drilling activity.
Brent futures were settled at 11 cents, equivalent to 0.5%, at $ 21.44 a barrel, while West Texas Intermediate U.S. crude increased 44 cents, or 2.7%, to be settled at $ 16.94 a barrel. And oil recorded the third consecutive week of decline, as Brent ended with a loss of 24% and West Texas Intermediate closed the US down 7%.
And US crude prices fell below zero on Monday for the first time ever, and Brent crude fell to its lowest level in twenty years. Investors have been selling oil fiercely since early March, as demand collapsed 30 percent due to the Corona virus pandemic.
Global oil dealers expect demand for supplies to drop for months due to the economic strike caused by Corona. Producers may not cut production quickly or with sufficient depth to support prices.
– .
