Oil erases gains, LCOc1 approaches week of inactivity

13.03.2020 - Korneychuk Evgeniya
Oil erases gains, LCOc1 approaches week of inactivity

TOKYO- Oil declined for three consecutive days on Friday. Such inactivity was brought by investors’ anxiety over slump in oil demand mainly from coronavirus contagion. In line, the Brent and US crude are both on track for their sharpest weekly decline.

                Brent crude LCOc1 shed 47 cents, equivalent to 1.4%, and was quoted at $32.75 per barrel at exactly 0317 GMT. The crude fell deeper after losing 7% on Thursday and is set to decline 28%, the sharpest weekly drop since the Gulf War of 1991.

                US West Texas Intermediate (WTI) crude Clc1 lost 54 cents, equivalent to 1.7%, and last stood at $30.96 after declining 4.5% in its previous trading session. The contract is on track to its weakest week since the Great Financial Crisis of 2008.

                Major crude manufacturers are to add extra crude to an oversupplied market as travel restrictions, event cancellations, and other economic inconveniences directly impacted crude demand.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from Umarkets.com or Market Solutions limited." Cookies notification: “We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Continue

Help with deposit?