UPDATE 10-Oil falls for fourth week; US crude posts steepest weekly loss since 1991 [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
Oil selloff resumes; set for steepest weekly fall since 2008 - Reuters 5 Min Read NEW YORK (Reuters) - U.S. crude fell on Friday and was on track for its biggest weekly decline since 2008 as global demand dried up due to the coronavirus and as Washington scrambled to respond, with officials saying an envoy would head to Saudi Arabia to deal with fallout of a Saudi-Russia oil price war. Oil futures pared losses after a report from the Wall Street Journal that Texas oil industry regulators were set to open a dialogue with the Organization of the Petroleum Exporting Countries. Reuters has not independently verified that information. Senior U.S. officials told Reuters they will send a U.S. Energy Department official to Saudi Arabia for several months to work on stabilizing energy markets. “The market is wondering if this is going to be a way to reduce supply in this situation,” said Phil Flynn, analyst at Price Futures Group in Chicago. U.S. crude has lost half its value in the past two w
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