Oil on course for steep slide in week of historic turmoil [Yahoo! Finance News]
OMV AG BEARER SHS S/ADR (OMVKY)
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Source: Yahoo! Finance News
A pumpjack of Austrian oil and gas group OMV stands in oilfield near GaenserndorfBy Ahmad GhaddarLONDON ) - Oil prices fell on Friday and headed for their third weekly loss running as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis.Brent crude was down 73 cents, or 3.42%, at $20.60 by 0838 GMT, after hitting a session high of $22.70/bl earlier and jumping 5% on Thursday. U.S. oil fell by 84 cents, or 5.09%, to $15.66 a barrel, having surged 20% in the previous session.Prices are heading for their eighth weekly loss in the last nine with Brent on course for a 27% loss this week and U.S. West Texas Intermediate WTI) set for a fall of around 14%.WTI fell into negative territory, to minus $37.63 a barrel on Monday, while Brent dropped to a two-decade low."After the price crash earlier this week, which seems to have made every person on the planet aware of the problems in the oil market, several relevant announcements of active crude production sh
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