Commodities

Oil Prices Continue Losing Streak

Oil-Prices-Continue-Losing-Streak

Extending its decline, oil prices further dipped on Friday as well. Pressured by less demand and the sudden rise of the US stockpile during the pandemic of coronavirus is causing such a downtrodden rally.

The Brent crude slipped at $39.98 a barrel, down by 0.2% or 8 cents at 0110 GMT. The shock came after it fell 2 per cent a day before. Meanwhile, the US crude plunged to $37.28 a barrel, a 2 cents fall, having skidding 2 per cent in the last session.

Notably, both major benchmarks witnessed consecutive losses in two weeks. Interestingly, the previous week the United States crude inventories rose by 2 million barrels.

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