Oil prices rose on Wednesday as a slowdown in the number of new coronavirus cases eased concerns of a drop-off in oil demand.
In a closely-watched monthly report published Wednesday,for oil demand growth this year, saying the coronavirus outbreak was the primary reason.
The cartel said it now expects 2020 daily oil demand growth to be 990,000 barrels per day , which is 230,000 bpd below prior forecasts. This, in turn, could encourage OPEC and its allies, known as OPEC+, to implement additional production cuts. "The impact of the Coronavirus outbreak on China's economy has added to the uncertainties surrounding global economic growth in 2020, and by extension global oil demand growth in 2020," OPEC said in the report.
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