Brent crude set for worst week since 1991 as oil falls a third day
Oil fell a third day as the horror show for crude investors continued on Friday amid panic about evaporating demand from the coronavirus pandemic, with Brent set for its biggest weekly loss since 1991 and US crude heading for its worst week since 2008.
Brent crude was down 47 cents, or 1.4 per cent, at $32.75 a barrel by 0317 GMT after falling more than 7 per cent on Thursday. For the week, Brent is set to fall nearly 28 per cent, the biggest weekly decline since the week of January 18, 1991, when it fell 29 per cent at the outbreak of the first Gulf War.
US West Texas Intermediate (WTI) crude was down 54 cents, or 1.7 per cent, at $30.96 after falling more than $1 earlier. The contract fell 4.5 per cent in the previous session. WTI is set to drop 25 per cent this week, the most since the week of Dec. 19, 2008, when it fell 27 per cent at the height of the Global Financial Crisis.
