Oil prices rose for a third day on expectations that major producers are likely ...
SEOUL - Oil prices rose for a third day on expectations that major producers are likely to enact deeper output cuts to offset the slump in demand caused by the coronavirus outbreak in China, the world’s second-largest crude consumer.
The Organization of Petroleum Exporting Countries and its allies including Russia, known as OPEC+, recommended last week an additional output cut of 600,000 barrels per day to its current 1.7 million bpd reduction to offset the disease-related demand losses. “Oil is up as OPEC awaits an official response from Russia regarding proposed production cuts,” Stephen Innes, chief market strategist at AxiCorp, said in a note on Thursday.
Travel restrictions to and from China and quarantines within the country have curbed oil consumption.
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