Oil prices steady, on course for weekly gain
Oil prices edged up Friday and held on track for their first weekly gain since early January, backed by expectations that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.
Brent crude was up 6 cents or 0.1 per cent at $56.40 a barrel by 0911 GMT, and has risen 3.4 per cent since last Friday, its first weekly increase in six weeks.
US West Texas Intermediate (WTI) was 3 cents or 0.1 per cent higher at $51.45 a barrel, up 2.2 per cent for the week.
“Oil prices appear to have stabilised this week on optimism that OPEC+ will once again do whatever it takes to tighten output and on hope that the coronavirus peak is nearing,” said Edward Moya, senior market analyst at OANDA in New York.
