Oil gains for second session as Opec+ likely to increase supply cuts
Opec to meet to discuss output cuts amid hopes for co-ordinated G7 action to lift markets to counter the negative effects of the coronavirus
03 March 2020 - 12:27
London — Oil prices extended gains on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that oil cartel Opec will order deeper output cuts this week.
Brent crude rose $1.40 a barrel, or 2.7%, to $53.30 a barrel by 9.40am GMT. US West Texas Intermediate (WTI) rose $1.48c, or 3.2%, to $48.23 a barrel. Both futures contracts rose by more than 3% earlier in the session...
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