Oil prices on Friday posted their biggest week of losses since the 2008 global financial crisis, rocked by the coronavirus outbreak and efforts by top exporter Saudi Arabia and its allies to flood the market with record levels of supply.

The rare combination of severe shocks to both supply and demand has caused the crude market to collapse as producers around the world steel themselves for an unexpected glut of oil in coming weeks.

Oil Prices Crude Posts Biggest Weekly Losses Since 2008 | Devamı>>>

Oil prices are down nearly 50% for the year after OPEC+ talks collapsed and Saudi Arabia announced slashed prices in an apparent price war with Russia.

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is reportedly preparing to open the taps in an apparent retaliation for Russia’s unwillingness to cut its own output.

Oil Nose-Dives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War | Devamı>>>

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is reportedly preparing to open the taps in an apparent retaliation for Russia’s unwillingness to cut its own output.

“This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction,” John Kilduff, founding partner of Again Capital, told CNBC.

Oil Nosedives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War | Devamı>>>

Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand.

The coronavirus spread further, with cases reported for the first time in six countries across three continents, battering markets and leading the World Health Organization (WHO) to raise its impact risk alert to “very high.”

The most active Brent future for May LCOc2 delivery fell $2.06, or 4.0%, to settle at $49.67 a barrel, its lowest since July 2017.

Oil Prices Sink to Lowest in Over a Year Biggest Weekly Drop Since 2016 | Devamı>>>

Oil prices continued their ascent on Friday amid signs of supply cuts. Brent, the international benchmark, surged 4.1 per cent in recent trading to hit $58.23 a barrel. That equates to an 11.6 per cent rally this week, the highest since December 2016.

The oil market limped into 2019, after worries of a global supply glut sent prices swiftly tumbling into a bear market. Brent remains well below its high of nearly $87 a barrel, though prices have swung higher in recent sessions as traders reacted to data showing weaker Opec production and declining inventories.

Brent Crude Heads for Best Week in 2 Years | Devamı>>>