Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic.
Brent crude was up 60 cents, or 2.8%, at $21.93 by 0133 GMT, having climbed 5% on Thursday. U.S. oil gained 66 cents, or 4%, at $17.16 a barrel, after surging 20% in the previous session.
But barring a sharper jump on the last trading day of the week, prices are heading for their eighth weekly loss in the last nine – one of the most tumultuous weeks in the history of oil trading, with U.S. West Texas Intermediate falling into negative territory to minus $37.63 a barrel on Monday, while Brent thudded to a two-decade low.
