Oil gains more than 1% on hopes for output cuts to counter China virus impact
Oil prices climbed more than 1 per cent on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus.
Brent crude oil futures were up 74 cents, or 1.4 per cent, to $54.70 a barrel by 0326 GMT, while US West Texas Intermediate (WTI) crude futures were up 61 cents or 1.2 per cent to $50.22 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, weighed the impact on global oil demand, and economic growth, of the coronavirus outbreak at a meeting on Tuesday, hearing from China’s envoy to the United Nations in Vienna.
