Reuters: Oil prices rise more than $1 after week of turmoil amid viral outbreak
Oil prices jumped again on Friday, gaining more ground as producers like Kuwait said they would move to cut output and as the United States approved another package to cope with the economic disruption caused by the coronavirus outbreak.
Brent crude LCOc1 was up $1.07, or 5%, at $22.40 by 0432 GMT, after having climbed 5% on Thursday. U.S. oil CLc1 gained $1.12, or nearly 7%, at $17.62 a barrel, having surged 20% in the previous session, Reuters said.
But barring a sharp jump later in the session, prices are heading for their eighth weekly loss in the last nine, capping one of the most tumultuous weeks in the history of oil trading. Brent is headed for a 20% loss this week, with U.S. West Texas Intermediate (WTI) set for a fall of more than 3%.
WTI fell into negative territory to minus $37.63 a barrel on Monday, while Brent thudded to a two-decade low.
Under a deal agreed between the Organization of the Petroleum Exporting Counties (OPEC) and associated producers including Russia, a grouping known as OPEC+, output cuts of 9.7 million barrels per day (bpd) are due to kick in from May.
But Kuwait's state news agency KUNA said on Thursday the OPEC producer will begin cutting supplies to international markets without waiting for the official start of the deal.