Barring any steep jump the rest of the session on Friday, prices are heading for their eighth weekly loss in the last nine, one of the most volatile weeks in the history of oil trading, with nearby expiring May U.S. West Texas Intermediate falling into negative territory to minus $37.63 a barrel on Monday, while Brent fell to a two-decade low. Traders are saying the late week rally is being fueled by short-covering rather than speculative buying. Nothing has changed in the fundamentals to turn the energy complex bullish the last three days. Once the coronavirus is under control, output should rebound as well as prices, but don’t expect output or prices to return to pre-virus levels for years. Week Began With Extremely Bearish Outlook Excess supply caused by the economic fallout from the coronavirus pandemic hammered crude oil at the beginning of the week. The selling pressure was […]