Reuters: Oil prices mixed as demand concerns outweigh output cut expectations.

REUTERS

REUTERS

Oil prices were mixed on Thursday as concerns about falling demand caused by travel restrictions tied to the coronavirus outbreak in China, the world’s biggest oil importer, outweighed expectations of supply cuts from major producers.

Brent crude LCOc1 fell 8 cents, or 0.1%, to $55.71 per barrel at 0533 GMT, Reuters said.

U.S. West Texas Intermediate (WTI) CLc1 rose 7 cents, or 0.1%, to $51.24 a barrel. Brent rose 3.2% on Wednesday while WTI gained 2.5% as a slowdown in new Chinese coronavirus cases boosted expectations of a demand recovery.

Oil demand in China, the world’s second-largest crude consumer, has plunged because of travel restrictions to and from the country and quarantines within it. Another Chinese oil refiner China National Chemical Corp said on Thursday it would close a 100,000 barrel-per-day plant and cut processing at two other amid falling fuel demand.

Related news

USD 10 bln to be invested in development of Ukrainian villages by 2024.

USD 10 billion in direct investment in the Ukrainian villages by 2024 will contribute to the creation of high well-being standards and comfortable living conditions for rural residents.

China expects Ukraine to provide state guarantees for investing $600 mln in building new unit of Sloviansk TPP.

China expects Ukraine to provide state guarantees for investing $600 million in the construction of a new unit at Sloviansk thermal power plant (TPP, PJSC Donbasenergo), Liu Jun, the adviser for trade and economic issues at the Embassy of China in...

Ukrainian government approves regulations on Office of Financial Control.

The Cabinet of Ministers of Ukraine has approved regulations on the Office of Financial Control.

Ukraine's economy minister invites government to announce competition for new Naftogaz head.

The contract with Kobolyev expires in March 2020.

About 6,000 farmers demand NABU chief's resignation, accuse him of pressure on Ukrainian business.

About 6,000 employees of UkrLandFarming and Avangard agricultural holdings demand resignation of Director of the National Anti-corruption Bureau of Ukraine (NABU) Artem Sytnyk, accusing him of putting...

1 3

By continuing to browse World News (UAZMI), you acknowledge that you have read the Terms of Use and agree to the use of cookies