Oil Prices On Track For 4 Year Lows – 27 February, 2020

Oil prices are on track for their biggest weekly drop in over four years after falling for a sixth straight session, a roughly 12% weekly fall due to fears of slowing global demand and the rapidly increasing spread of the coronavirus which has already wrecked havoc on economies. Brent crude May contract was down 90 cents or 1.7% to a 14 month low of $50.83 per barrel, falling a total of 12% this week. West Texas Intermediate crude futures dropped 73 cents or 1.6% to $56.36 per barrel, with U.S. crude falling 13% in its biggest weekly decline in six years. OPEC and its allies including Russia vowed to implement steeper supply cuts in the wake of the virus and moderate inventory to support prices.