Oil climbs after Russia gives thumbs-up for Opec output cuts
Brent crude futures rise 34c as panel suggests cutting output by 600,000 barrels per day
07 February 2020 - 07:24
Tokyo — Oil prices climbed on Friday after Russia said it backs a recommendation for the Organisation of Petroleum Exporting Countries (Opec) and other producers to deepen output cuts amid falling demand for crude as China battles the coronavirus epidemic that has hit global markets.
Brent crude futures rose 34c, or 0.6%, to $55.27 a barrel by 2.50am GMT, but were heading for a fifth weekly loss amid lingering fears over the affect of the virus...
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.