TOKYO- Oil declined for three consecutive days on Friday. Such inactivity was brought by investors’ anxiety over slump in oil demand mainly from coronavirus contagion. In line, the Brent and US crude are both on track for their sharpest weekly decline.
Brent crude LCOc1 shed 47 cents, equivalent to 1.4%, and was quoted at $32.75 per barrel at exactly 0317 GMT. The crude fell deeper after losing 7% on Thursday and is set to decline 28%, the sharpest weekly drop since the Gulf War of 1991.
US West Texas Intermediate (WTI) crude Clc1 lost 54 cents, equivalent to 1.7%, and last stood at $30.96 after declining 4.5% in its previous trading session. The contract is on track to its weakest week since the Great Financial Crisis of 2008.
Major crude manufacturers are to add extra crude to an oversupplied market as travel restrictions, event cancellations, and other economic inconveniences directly impacted crude demand.