Oil prices edge up on hopes of Opec+ supply cuts
Given the drop in demand, Opec and its allies are considering cutting output by up to 2.3-million barrels per day
14 February 2020 - 12:13
London/Singapore — Oil prices edged up Friday and held on track for their first weekly gain since early January, backed by expectations that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.
Brent crude was up 6c or 0.1% at $56.40 a barrel by 9.11am GMT, and has risen 3.4% since last Friday, its first weekly increase in six weeks. US West Texas Intermediate (WTI) was 3c or 0.1% higher at $51.45 a barrel, up 2.2% for the week...
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