Oil Posts Big Weekly Loss as Demand Concerns Persist

摘要

Despite the announcement of an unprecedented coordinated supply cut among Opec and major non-Opec producers, crude oil prices posted hefty weekly losses, with global benchmark Brent down 10.8% and West Texas Intermediate (WTI) off 19.8% since before the deal was struck. While sellers took a breath and Brent recovered some lost ground on Friday amid hopes that major economies would soon reopen, at least partially, market players say the risk to prices remains skewed to the downside.