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Monday, 06 February 2023
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The News and Media Division of The Insight Partners
Thursday, 06 Feb 2020 06:00 pm

Oil Prices rises for 2nd day as OPEC+ weighs coronavirus action & Easing U.S.-China Trade Tensions

Brent futures rose by 18 cents to $55.46 a barrel by 1135 GMT. The contract had been negative earlier in the session. U.S. West Texas Intermediate (WTI) futures gained 51 cents to $51.26.

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Oil futures rose for a second day on Thursday, boosted by potential OPEC+ action to counter oil demand loss from the coronavirus outbreak and by optimism that trade tensions between China and the United States were easing.

A technical committee advising the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, has agreed to recommend a provisional additional cut in oil output of 600,000 barrels per day (bpd) as it awaits the final position of Russia on the proposal, two sources told Reuters.

If adopted at a future meeting of OPEC+, the total size of the output curb from the group would rise to 2.3 million bpd.

Brent futures rose by 18 cents to $55.46 a barrel by 1135 GMT. The contract had been negative earlier in the session. U.S. West Texas Intermediate (WTI) futures gained 51 cents to $51.26.

“Saudi Arabia seems ready to push for a very proactive and immediate production response,” bank RBC said in a note.

China on Thursday said it would halve additional tariffs levied against 1,717 U.S. goods last year, following the signing of a Phase 1 trade deal between the two countries.

This makes China’s goal to increase its U.S. purchases to $200 billion over the next two years more achievable,” JBC Energy said in a note.

Oil prices have slumped more than 20% since reaching their highest this year on Jan. 8 on demand concerns caused by the virus outbreak and indications of oversupply.

Read here

Tags OPEC Oil Coronavirus China United States Trade War Saudi Arabia

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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