Oil surges towards positive finish after torrid week
US oil surged Friday and headed for a positive finish to a torrid week that saw prices drop below zero, as output cuts and US-Iran tensions lifted coronavirus-ravaged markets.
US benchmark West Texas Intermediate (WTI) for June delivery was up 8.1 percent at $17.85 in afternoon Asian trade, after settling 20 percent higher on Thursday.
International benchmark Brent for June was changing hands at $22.55 a barrel, up 5.7 percent.
Oil prices have been hit hard as the virus pandemic strangles demand owing to lockdowns and travel restrictions, with US crude falling into negative territory for the first time Monday as storage space ran low.
