Oil mixed as virus fears offset by talk of Opec cut extension
NEW YORK: Oil was mixed on Wednesday as worries about the impact of the coronavirus outbreak and swelling crude inventories in the United States weighed on prices, while talk that OPEC could extend oil output cuts provided support.
Brent crude gained 9 cents to $59.60 at barrel by 10:43 a.m. (15:41 GMT). U.S. crude was down 32 cents at $53.16.
Financial markets that have been hit by the spread of the virus out of China are trying to assess the economic fallout, with the death toll rising to 132 and airlines reducing flights to China.
“Following the outbreak of coronavirus, commodities markets suffered from a technical selloff,” said Michel Salden, senior portfolio manager of Vontobel Asset Management, who argued that oil prices would likely soon rebound.
