Corona­virus outbre­ak threat­ens demand, crude produc­ers promis­e more supply­LONDON: Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 5% bounce on Friday, as the coronavirus outbreak threatened demand and crude producers promised more supply. Brent crude was up $1.83, or 5.5% on the day, at $35.05 per barrel by 1100 GMT but were still 23% lower on the week – the biggest weekly drop since December 2008. Adding to pressure on oil prices, already knocked by the virus as fewer people travel and business events are scrapped, major oil producers were pumping more crude into the market. Russian oil producers met Energy Minister Alexander Novak on Thursday but did not discuss a return to the deal. A Reuters survey showed analysts slashed their forecasts of Brent crude prices to $42 a barrel on average in 2020, compared to the $60.63 consensus in a February poll.

Source: The Express Tribune March 13, 2020 11:26 UTC