Oil closes week with large losses amid uncertaintyBloombergOil on Friday posted a large loss the first week of trading in the new year as demand uncertainty continued to hang over the market. Brent Crude for March delivery fell 0.15 percent to US$78.57, dropping 8.54 percent from a week earlier. Photo: ReutersSaudi Arabia cut prices for crude sold to Asia and Europe for next month, signaling concerns over the near-term outlook. Still, oil prices might exceed US$140 per barrel this year if Asian economies fully reopen after COVID-19-related lockdowns, hedge fund manager Pierre Andurand said. Oil fell during the fourth quarter and US benchmark prices fell close to those levels last month.
