Oil recovers on talk of Opec extending production cuts
Falling US crude inventories have also helped stabilise prices, which have been hurt by the spread of China’s coronavirus
29 January 2020 - 14:11
London — Oil prices rose for a second day on Wednesday, recouping some losses after a five-day rout on talk that Opec could extend oil output cuts if a new coronavirus hurts demand, while data showing a decline in US stockpiles helped steady prices.
Brent crude rose 66c, or 1.1%, to $60.17 a barrel by 9.51am GMT. US crude was up 62c, or 1.2%, at $54.10 a barrel...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.