Petrol's Worst Weekly Performance Since 2011
Oil prices are experiencing the biggest weekly loss since 2011, with the rapidly spreading coronavirus hitting the financial markets.
Yayınlanma: 5 Mart 2020 20:36
Güncellenme: 8 Kasım 2024 08:29
Petrol's Worst Weekly Performance Since 2011
Oil prices are experiencing the biggest weekly loss since 2011, with the rapidly spreading coronavirus hitting the financial markets.
Oil prices have moved towards the biggest weekly loss since 2011, with the strengthening of the rapidly expanding coronavirus shaking global markets and consequently the speculation that OPEC and its partners will reach an agreement to support prices.
Futures contracts carried the decline to the sixth day in New York after fears of the virus epidemic caused the biggest loss of its shares on Wall Street for nearly 10 years. With crude oil prices dropping about 14 percent this year, there are signs that OPEC and its partners are close to an agreement to stop the pre-meeting sales wave in Vienna next week.
April-term West Texas oil (WTI) fell 2.6 percent on the Nymex market to $ 45.85 a barrel at 12:00 am Singapore time. The contract fell 3.4 percent on Tuesday and is preparing to pass this week with 14 percent, the biggest weekly loss since May 2011.
Brent oil for April futures fell 2.2 percent to $ 51.01 a barrel on the London-based ICE Futures Europe market after falling 2.3 percent on Thursday. The contract dropped about 13 percent this week. Global indicator Brent oil traded at $ 5.16 premium compared to US indicator WTI.
