Oil falls 1% as Russia needs time to mull more OPEC+ supply cuts - Reuters

Oil falls 1% as Russia needs time to mull more OPEC+ supply cuts - Reuters:

Oil prices fell 1% on Friday as Russia said it needed more time before committing to output cuts sought by other large producers while the coronavirus outbreak fanned worries about global crude demand.

Oil prices posted their fifth straight weekly decline, as speculators have backed away due to weaker consumption figures and expectations that the coronavirus, which has killed more than 600 people, will remain a drag on demand.

Brent crude LCOc1 futures lost 46 cents, or 0.8%, to settle at $54.47 a barrel. Brent sank 6.3% for the week.

U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 63 cents, or 1.2%, to settle at $50.32 a barrel. The contract lost 2.4% for the week.