Brent oil heads for biggest weekly decline in 4 years

- Benchmark to post largest weekly loss since January 2016

Brent crude was on track on Friday for its biggest weekly decline in four years as coronavirus fears continue to sustain weak global oil demand, causing a rise in the glut of crude supply on the market.

The international benchmark opened Monday at $57.85 per barrel, and fell down to $50.88 a barrel on Friday at 1225 GMT, marking a weekly decline of 12% -- the largest weekly loss since January 2016.

American benchmark West Texas Intermediate (WTI) started Monday at $52.60 a barrel and dropped to $45.80 on Friday at the same time, showing a 12.9% loss so far to mark its biggest weekly decline since December 2008.

Both benchmarks are currently trading at their lowest levels in 14 months, according to official data.

As the novel coronavirus, Covid-19, that originated in China continues to spread around the world, economies in Asia and Europe have come under pressure with poor economic activity and less oil consumption.

Low oil demand also caused the rise in crude oversupply in the global oil market, spawning a downward pressure on oil prices.

By Ovunc Kutlu

Anadolu Agency

energy@aa.com.tr