Oil rises over 3% but set for biggest weekly thumping since 2008

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Oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite rising over 3% on Friday, as investors fretted over evaporating demand from the coronavirus pandemic and a production ramp-up by top producers.

On Friday, Brent crude was up $1.90, or 5.7%, at $35.12 a barrel after falling more than 7% on Thursday. For the week, Brent is set to fall around 24%, the biggest weekly decline since December 2008, when it fell nearly 26%.

U.S. West Texas Intermediate crude rose $1.57, or 5%, to $33.09 per barrel after falling more than $1 earlier in the session. WTI is set to drop nearly 21% this week, also the most since the height of the financial crisis.

“It’s been a very rough week and so it’s not impossible people are locking in ahead of the weekend,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney, according to CNBC. “I would also point out that in the context of the recent moves it’s not really a major move,” he added, noting that “volumes are terrible” and down significantly on average.

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