The crude market was up for the week. The week started on the news that the coronavirus casualties exceeded that of SARS in 2002-2003. A steady stream of bearish news throughout the week was not enough to tamp down the enthusiasm of the market as crude steadily rose to close the week higher. Rumors of OPEC+ cuts may have contributed to the rise, but unforeseen factors seemed to have been in play during the week as the market seemed to move counterintuitively to the news.
Prices in Review
WTI Crude opened the week at $50.12. It generally followed a steady trajectory up through the week. Crude opened Friday at $51.51, a gain of $1.39 (2.8%).
Diesel opened the week at $1.6400. It went down on Monday but followed crude on an upward trend the rest of the week. Diesel opened Friday at $1.6790, a gain of 3.9 cents (2.4%).
Gasoline opened the week at $1.5209. It generally followed crude throughout the week. Gasoline opened Friday at $1.5853, a gain of 6.4 cents (4.2%).