NEW YORK: Oil prices rose on Friday, but both the Brent and US benchmarks were on track for their third straight week of losses as global production shutdowns failed to keep pace with the collapse in demand caused by the coronavirus pandemic.
The oil market has experienced unprecedented turbulence since US prices fell into negative territory on Monday for the first time ever and international benchmark Brent sank to two-decade lows.
Investors have sold oil aggressively since early March, in response to a 30 per cent collapse in demand due to the pandemic.
