Monday, March 17, 2025 | 04:27 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Oil posts biggest weekly losses since 2008, hit by virus and price war

The rare combination of severe shocks to both supply and demand has caused the crude market to collapse

oil, prices, crude
Premium

The coronavirus sparked panic selling across markets for the bulk of the week

Reuters
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.

"It's a problem of an oil price war in the middle of a constricting market when the walls are closing in," US energy historian Daniel Yergin said.

The coronavirus

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in