Oil prices fell sharply this week on concerns about the impact of the outbreak on crude oil demand.
US West Texas Intermediate fell 4.9% Friday to $44.76 a barrel. This week, American oil fell about 16%, the biggest weekly decline since December 2008. Brent crude oil futures fell 3.2% to $50.749 a barrel on Friday, falling below the $50 mark to a 14 month low. Cloth oil fell 13% this week, the biggest weekly decline since January 2016.
Jeffrey Halley, senior market analyst at OANDA, a brokerage, said: Brent crude oil prices below $50 a barrel will be a nightmare for OPEC and are likely to trigger a response from the core countries.