Brent crude 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 fell 63 cents, or 1.2%, to settle at $50.32 a barrel. The contract lost 2.4% for the week.
NEW YORK: 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.
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