Oil heads for another weekly slide on coronavirus turmoil

Oil prices rose on Friday, but both the Brent and U.S. benchmarks were on track for their third straight week of losses as global production shutdowns failed to keep pace with the collapse in demand caused by the coronavirus pandemic.

This week’s declines will mark the eighth week of losses out of the last nine weeks. Brent is on track for a 24% weekly drop and U.S. West Texas Intermediate (WTI) is set for a fall of around 7%.