<p class="title">Oil prices swung more than six percent Friday but were still on track for their biggest weekly loss in more than a decade owing to a price war and the spreading coronavirus pandemic.</p>.<p class="bodytext">In another day of volatile trading, both main contracts initially dipped more than two percent, tracking heavy falls across global markets that have suffered some of their biggest losses in years.</p>.<p class="bodytext">But the commodity abruptly changed course in Asian afternoon trade, with West Texas Intermediate rising four percent to $33 a barrel and Brent crude up 3.9 per cent at $34.50.</p>.<p class="bodytext">The much-needed rally came after the US military launched airstrikes in crude-rich Iraq and stocks rebounded, with Asian bourses pulling back from early lows and European equities surging at the open.</p>.<p class="bodytext">Nevertheless, prices of US benchmark WTI are still down more than 20 percent this week and on course for their biggest weekly drop since the global financial crisis of 2008.</p>.<p class="bodytext">Brent, the global benchmark, is down about a quarter for the week, Bloomberg News reported.</p>.<p class="bodytext">Crude markets were plunged into turmoil Monday after top exporter Saudi Arabia sparked a price war with Russia over a row about slashing output to support the virus-battered energy sector.</p>.<p class="bodytext">That sent Brent and WTI through the floor, with both falling by a third.</p>.<p class="bodytext">The virus outbreak added to the downward pressure, as growing concerns about a global recession and travel restrictions -- including a temporary ban on travel from Europe to the US -- dimmed the outlook for demand.</p>.<p class="bodytext">"The scale of the oil price crash would have economists and analysts re-evaluating their forecast for growth, and even increase the urgency among central bankers to cut interest rates," said Phillip Futures in a note.</p>.<p class="bodytext">Emergency measures by central banks Thursday failed to douse concerns about the economic toll from the deadly disease, and markets suffered their worst day for decades.</p>.<p class="bodytext">The price war started after Saudi Arabia and other OPEC members pushed for an output cut to combat the impact of the virus outbreak.</p>.<p class="bodytext">But Moscow, the world's second-biggest oil producer, refused -- prompting Riyadh to drive through massive price cuts and pledge to boost production.</p>
<p class="title">Oil prices swung more than six percent Friday but were still on track for their biggest weekly loss in more than a decade owing to a price war and the spreading coronavirus pandemic.</p>.<p class="bodytext">In another day of volatile trading, both main contracts initially dipped more than two percent, tracking heavy falls across global markets that have suffered some of their biggest losses in years.</p>.<p class="bodytext">But the commodity abruptly changed course in Asian afternoon trade, with West Texas Intermediate rising four percent to $33 a barrel and Brent crude up 3.9 per cent at $34.50.</p>.<p class="bodytext">The much-needed rally came after the US military launched airstrikes in crude-rich Iraq and stocks rebounded, with Asian bourses pulling back from early lows and European equities surging at the open.</p>.<p class="bodytext">Nevertheless, prices of US benchmark WTI are still down more than 20 percent this week and on course for their biggest weekly drop since the global financial crisis of 2008.</p>.<p class="bodytext">Brent, the global benchmark, is down about a quarter for the week, Bloomberg News reported.</p>.<p class="bodytext">Crude markets were plunged into turmoil Monday after top exporter Saudi Arabia sparked a price war with Russia over a row about slashing output to support the virus-battered energy sector.</p>.<p class="bodytext">That sent Brent and WTI through the floor, with both falling by a third.</p>.<p class="bodytext">The virus outbreak added to the downward pressure, as growing concerns about a global recession and travel restrictions -- including a temporary ban on travel from Europe to the US -- dimmed the outlook for demand.</p>.<p class="bodytext">"The scale of the oil price crash would have economists and analysts re-evaluating their forecast for growth, and even increase the urgency among central bankers to cut interest rates," said Phillip Futures in a note.</p>.<p class="bodytext">Emergency measures by central banks Thursday failed to douse concerns about the economic toll from the deadly disease, and markets suffered their worst day for decades.</p>.<p class="bodytext">The price war started after Saudi Arabia and other OPEC members pushed for an output cut to combat the impact of the virus outbreak.</p>.<p class="bodytext">But Moscow, the world's second-biggest oil producer, refused -- prompting Riyadh to drive through massive price cuts and pledge to boost production.</p>