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Brent oil dives over 7% despite stimulus efforts; calls mount for new OPEC+ deal

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New York: Oil prices plunged more than 5% on Friday and were on track for a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world.

Both contracts are down nearly two thirds this year and the coronavirus-related slump in economic activity and fuel demand has forced massive retrenchment in investment by oil and other energy companies.

Brent crude was down $2.03, or 7.7%, at $24.31 a barrel by 12:03 p.m. EDT (1603 GMT). U.S. crude was down $1.29, or 5.7%, at $21.31. "We ran out of ammunition to support the market," said Bob Yawger, director of energy futures at Mizuho in New York. "The government used up all their bullets this week - next week the market is on

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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