Oil prices slighly up on hopes of Opec+ supply cuts
The coronavirus is denting Chinese oil demand, which may fall by 3-million bpd
07 February 2020 - 13:31
London — Oil prices edged higher on Friday on hopes that oil cartel Opec and other producers led by Russia (Opec+) may cut their output further amid falling demand for crude as China battles the coronavirus epidemic.
Brent crude futures rose 30c, or 0.6%, to $55.23 a barrel by 9.45am GMT, but were heading for a fifth weekly loss due to lingering fears over the impact of the virus. US West Texas Intermediate (WTI) crude futures were up 21c, or 0.4%, at $51.16 a barrel, also heading for a fifth consecutive week of losses...
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