Oil Falls To Lows Not Seen in Almost 30 Years – 12 March, 2020

A seemingly never-ending concern over the future of oil demand caused the price of the commodity to fall for a third straight day, with U.S. crude facing its worst week in twelve years and Brent on track for its biggest weekly loss since 1991. Brent crude dropped 1.4% or 47 cents to $32.75 per barrel to tack on to the 7% it had fallen the previous session. Brent is on track to drop roughly 28% this week, its biggest weekly loss since the start of the Gulf War when it fell 29%. U.S. West Texas Intermediate crude fell 1.7% or 54 cents to $30.96, having fallen over $1 earlier and 4.5% the previous session. It is on set to fall a total of 25%, just above a 2008 Global Financial Crisis drop of 27%. As Russia is assumed to be backing away from the OPEC pricing support deal, Saudi Arabia has been flooding the market to lower prices, sparking an oil war.