Reuters: Oil prices stabilize, set for weekly gain on hopes for supply cut.

The Organization of the Petroleum Exporting Countries and its allied producers are considering cutting output by up to 2.3 million barrels per day.

REUTERS

REUTERS

Oil prices were steady on Friday, but set for their first weekly gain in six weeks on the assumption that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.

Brent crude futures LCOc1 were 1 cent higher at $56.35 a barrel by 0439 GMT, after gaining 1% the previous session, Reuters said.

Brent is 3.4% higher for the week, the first increase since the week of January 10.

U.S. West Texas Intermediate (WTI) futures CLc1 were 4 cents higher at $51.46 a barrel. The contract rose 0.5% on Thursday and is now 2.2% higher for the week.

“Oil prices appear to have stabilized this week on optimism that OPEC+ will once again do whatever it takes to tighten output and on hope that the coronavirus peak is nearing,” said Edward Moya, senior market analyst at OANDA in New York.

Crude prices have plunged about 20% from their 2020 peaks on January 8 as oversupply concerns combined with worries about large fuel demand declines in China as the country’s quarantine to fight the coronavirus outbreak has stymied economic activity.

In response to the demand slump, the Organization of the Petroleum Exporting Countries (OPEC) and its allied producers, known as OPEC+, are considering cutting output by up to 2.3 million barrels per day.

Related news

Ukraine boosts production of meat, eggs in Jan

Meat output grew by 4.5%.

Average salary in Ukraine last year was over UAH 9,200 – State Property Fund.

The average salary in Ukraine in 2019 was UAH 9,205, the State Property Fund has reported on its Facebook page.

State Property Fund intends to sell more than 500 enterprises this year.

The State Property Fund of Ukraine plans to sell more than 500 enterprises in 2020.

1 2

Ukraine plans to sell five SOEs within 2020 privatization campaign.

The first facility is expected to be sold as early as April.

1 8

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