Brent and WTI prices rise

Oil prices are rising as investors eyed evaporating demand from the coronavirus pandemic and a production ramp-up by top producers.

Brent crude was up 70 cents, or 2.1%, at $33.92 a barrel by 8:40am (Moscow time) after falling more than 7% on Thursday.

For the week, Brent is set to fall around 25%, the biggest weekly decline since December 2008, when it fell nearly 26%.

US West Texas Intermediate (WTI) crude rose 80 cents, or 2.5$, to $32.30 after falling more than $1 earlier in the session. WTI is set to drop more than 22% this week, also the most since the height of the financial crisis, Finance reported.