Crude oil slips amid demand concern, fears over Opec+ deal for deeper output cuts
SINGAPORE: Oil slid on Friday as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-Opec crude producers not yet having agreed to cut output further to support prices.
Brent crude fell 47 cents, or 0.9 per cent, to $49.52 per barrel by 0223 GMT, while US West Texas Intermediate (WTI) was down 42 cents, or 0.9 per cent, at $45.48 per barrel.
The Organization of the Petroleum Exporting Countries (Opec) on Thursday pushed for crude output by Opec and associated producers – a group known as Opec+ – to be cut by an extra 1.5 million barrels per day (bpd) in total until the end of 2020. The call came ahead of an Opec+ meeting scheduled for Friday in Vienna.
