image credit: Unsplash

Oil shakes off earlier gains, with U.S. prices down 25% for the week

March 20, 2020


Oil shook off earlier gains on Friday, with U.S. prices trading around 25% lower for the week as economic stimulus plans from government and central banks failed to offset pressure from expectations for steep coronavirus-fueled losses in demand and a Saudi-Russian price war.

Prices for U.S. benchmark West Texas Intermediate crude just a day earlier had posted their largest one-day percentage rise on record, partly due to comments from the Trump administration, which indicated that it was considering intervention in the oil-price war between Saudi Arabia and Russia.

Read More on Market Watch