Lagos — Oil price might be on its way up again after it gained 3 percent on Friday.
Brent crude LCOc1 was up $1.12, or 3.4%, at $34.93 a barrel around 10:40 AM Nigerian time after falling more than 7% on Thursday to close at $32.76.
Analysts forecast that for the week, Brent will fall around 24%, the biggest weekly decline since December 2008, when it fell by nearly 26%.
U.S. West Texas Intermediate (WTI) crude CLc1 rose $1.17 cents, or 3.7%, to $32.66 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.
The price of OPEC basket of fourteen crudes stood at $33.25 a barrel on Thursday, compared with $35.54 the previous day, according to OPEC Secretariat calculations.
Yet, the rise is uncertain over the fear of rise in virus spread and an oversupplied market.
The market also fear that Saudi Arabia and the United Arab Emirates will intensify supply after talks with OPEC to cut production and boost prices failed last week.
Analysts have also cut oil price forecasts for 2020.