Today, oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite rising over 3%, as investors fretted over evaporating demand from the coronavirus pandemic and a production ramp-up by top producers.

Brent crude LCOc1 was up $1.12, or 3.4%, at $34.33 a barrel by 07:28 GMT after falling more than 7% on Thursday.

For the week, Brent is set to fall around 24%, the biggest weekly decline since December 2008, when it fell nearly 26%.

U.S. West Texas Intermediate (WTI) crude CLc1 rose $1.17 cents, or 3.7%, to $32.66 per barrel after falling more than $1 earlier in the session.

WTI is set to drop nearly 21% this week, also the most since the height of the financial crisis.