US oil fell 4.9percent this week, 16percent this week, cloth oil fell 13percent this week

category:Finance
 US oil fell 4.9percent this week, 16percent this week, cloth oil fell 13percent this week


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.