Brent crude was down $0.73, or 3.42%, at $20.60 by 0838 GMT, after hitting a session high of $22.70 per barrel earlier and jumping 5% on Thursday. US oil fell by $0.84, or 5.09%, to $15.66 a barrel, having surged 20% in the previous session. Prices are heading for their eighth weekly loss in the last nine with Brent on course for a 27% loss this week and US West Texas Intermediate (WTI) set for a fall of around 14%. WTI fell into negative territory, to minus $37.63 a barrel on Monday, while Brent dropped to a two-decade low. But with global storage space filling up fast and oil demand slumping by around 30%, those shut-ins are so far proving too little to rebalance the market.

Source: The Express Tribune April 24, 2020 11:03 UTC