Oil in virus-driven bear market has urgent OPEC+ seeking fix

Oil traded back above $50 a barrel after falling into a bear market before OPEC and its allies gather Tuesday for an urgent meeting to assess the impact of the coronavirus on global demand.

While futures have slumped more than 20 per cent since early January as the virus curtailed demand in a market awash with crude, commodities are stabilizing globally on Tuesday as traders assess China’s measures to support economic growth. Technical experts from the OPEC+ coalition will meet in Vienna and their assessment on the outbreak may determine whether the group convenes a ministerial meeting later this month to consider new output cuts.