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

Odesa Portside Plant reports UAH 336M in net profit in Q2 2020.

JSC Odesa Port Plant received a net profit of UAH 336.6 million in the second quarter of 2020, the plant's press service has reported.

Ex-minister on unemployment in Ukraine: «Huge figure» .

Ukraine's Central Bank forecasts the unemployment rate in Ukraine in 2020 may be as high as 10%.

1

MP Tretyakova: Funded pension plan should be introduced in Ukraine.

Halyna Tretyakova, Chair of the Verkhovna Rada Committee on Social Policy and Protection of Veterans' Rights, believes that the funded pension plan should be introduced in Ukraine.

Ukraine’s steel production decreased by 6.7% in 2020

In January-July 2020, steel production in Ukraine decreased by 6.7% to 11.87 million tonnes compared to the same period last year, Ukrmetalurgprom Association of Enterprises reports.

Vodafone Ukraine covers over 1,000 settlements with 4G network in 900 MHz range.

The Vodafone Ukraine mobile operator has covered more than 1,000 settlements of Ukraine with a 4G network in the 900 MHz range, the company's press service said on Tuesday.

1

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