Fundamentals Take A Back Seat As Fear Dominates Oil Markets

U.S. West Texas Intermediate (WTI) crude oil prices rallied on Thursday, ending a three-day losing streak, as reports emerged that Saudi Arabia and Russia were discussing ways to enhance market stability. Nonetheless, the U.S. benchmark remains in a position to post a nearly 10% loss for the week. Weekly Recap WTI and Brent oil prices plunged throughout the week to their lowest levels in more than a year on concerns that a crisis of confidence in the banking sector could trigger a recession and cut demand.

Both crude benchmarks hit their lowest…