Oil falls for the fourth week and the most severe loss for US crude

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Baghdad – Iraq today

US crude tumbled 10.7 percent, on Friday, and recorded its biggest weekly drop since the Gulf War in 1991 as the global epidemic of Corona Virus dried up global demand and officials in Washington said an envoy would head to Saudi Arabia to deal with the repercussions of the oil price war between Saudi Arabia and Russia.

The week saw heavy sales over the course of 4 days as a growing pandemic discouraged people from driving and booking flights.

Major forecasters such as oil trade giant Vitol and energy research firm IHS Market said demand for crude could fall by as much as 10 percent.

she was Oil prices It rose strongly, on Thursday, after selling for days, but the rally did not last.

US crude prices incurred a weekly loss of 29 percent, the most severe since the outbreak of the Gulf War between the United States and Iraq in 1991, Brent crude fell 20 percent, and both benchmarks fell for four consecutive weeks.

“As the economy continues to slow down almost to a halt, it is clear that demand crunch will grow. Whatever efforts to reduce production in the United States and capital spending, it is not sufficient at this time,” said John Kildoff, partner at Again Capital Management in New York.
Brent crude futures fell $ 1.49 today, or 5.2 percent, to settle the settlement price at $ 26.98 a barrel.

And US crude contracts for April delivery 2.69 Dollars Or 10.7 percent to close at $ 22.53 a barrel, and the contract term closest due today. The most active US crude contract for May delivery closed $ 3.28, or 12.7 percent, at $ 22.63.

American crude lost half of its value in the past two weeks, and Brent fell about 40 percent, with demand shrinking due to the pandemic in conjunction with the collapse of coordinated production cuts between the Organization of Petroleum Exporting Countries (OPEC) and allies, including Russia.

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