Oil prices are fluctuating on Friday, as policymakers are assessing the potential benefits of incentive efforts to counter the destruction caused by the rapid spread of the coronavirus.
Brent crude was on track for its fifth consecutive weekly drop. By 1029 GMT, it was down 39 cents, or 1.5%, at $25.95 a barrel.
U.S. crude was up 12 cents, or 0.5%, at $22.72.Both benchmarks fell by nearly two thirds this year.
Both benchmarks decreased almost two thirds this year. Caused a huge decline in investments in oil and other energy companies due to the drop in economic activity and fuel demand because of the coronavirus crisis. It is difficult to see beyond the crisis in the oil market.
The leaders of the Group, consisting of 20 major economies, pledged to make more than $ 5 trillion injections to the global economy on Thursday. US House of Representatives leaders are determined to endorse a $ 2.2 trillion coronavirus aid law either on Friday or on Saturday.
With 84,946 infections and 1,259 deaths, the United States is likely to be the next global epicenter of the pandemic.
China has announced 54 new imported cases reported in the past three days. Beijing ordered airlines to strictly stop international flights, as travelers can revive the coronavirus outbreak.
With the restriction of travel, due to being the center of the Islamic world, Saudi Arabia, which has also hit by the tourism, has a hard time finding buyers for the extra pumping it insists as the global oil demand decreases. Despite all, it continues to strive to take market share of its competitors by expanding production.
By the way, some of the Russian leaders implies between the lines of their statements that a new OPEC + agreement may be possible to balance the oil markets if other countries join.