Oil plunges posting fifth straight weekly loss despite stimulus efforts

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'We ran out of ammunition to support the market.'

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With 3 billion people in lockdown, global oil demand could be cut by a fifth, International Energy Agency head Fatih Birol said as he called on major producers such as Saudi Arabia to help to stabilise oil markets."We have our doubts about whether Saudi Arabia will allow itself to be persuaded so easily to return from the path of revenge that it only recently embarked upon," said Commerzbank analyst Eugen Weinberg, referring to the price war being waged between Russia and Saudi Arabia.

Mainland China reported its first locally transmitted coronavirus case in three days and 54 new imported cases as Beijing ordered airlines to implement sharp reductions in international flights, for fear travellers could reignite the outbreak. But the head of Russia's sovereign wealth fund, Kirill Dmitriev, told Reuters a new supply pact between Opec and its allies, a group known as Opec+, might be possible if other countries join.

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