Reuters LONDON – Oil prices jumped by more than 4% on Wednesday after media reports that scientists had developed a drug against the fast-spreading coronavirus that continues to weigh heavily on global economic activity. The World Health Organization played down the media reports, saying there are “no known effective therapeutics” against the virus. Lending further support to oil was news
Reuters LONDON – Oil prices clawed back ground on Tuesday on hopes for additional production cuts from OPEC and its allies to offset any potential demand drop triggered by the coronavirus outbreak. Brent crude was up 93 cents, or 1.7%, at $55.38 a barrel by 1335 GMT, while U.S. West Texas Intermediate (WTI) crude stood at $51.31 after a 2.4%
CNBC Oil prices fell more than 2% on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support. U.S. West Texas Intermediate fell $1.42, or 2.8%, to trade at $50.13, its lowest level since Jan. 2019. Earlier in the session WTI
Reuters LONDON – Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support. Brent crude LCOc1 was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year. U.S. West Texas Intermediate
Reuters LONDON/MOSCOW/DUBAI – Saudi Arabia has opened talks with OPEC and allied oil producers about moving their upcoming OPEC+ policy meeting to early February from March, four OPEC+ sources said, after a swift slide in oil prices alarmed Riyadh. Worries over the economic impact of China’s coronavirus have rattled global markets, helping send the price of crude down to around
Houston Chronicle Oil resumed declines as the biggest jump in U.S. crude stockpiles in almost three months added to concern over demand in a market already grappling with China’s spreading coronavirus. Futures lost as much as 2% in New York, trading near the three-month low just above $52 a barrel reached earlier this week. U.S. inventories rose by 3.5
Houston Chronicle Oil continued its recovery from a three-month low as traders reassessed the threat to demand from China’s coronavirus, and as U.S. industry data showed a drop in crude inventories. Futures traded near $54 a barrel in New York in tandem with improved sentiment across financial markets, which pushed equities slightly higher. While the number of confirmed infections in
CNBC OPEC’s battle to support oil prices as China’s coronavirus spreads internationally shows the producer group is struggling to wield the same influence over global crude markets, energy analysts have told CNBC. It comes amid speculation that OPEC and non-OPEC producers, sometimes referred to as OPEC+, could extend production cuts if the intensifying outbreak of the coronavirus hampers oil demand growth. International benchmark Brent crude traded at
Reuters NEW YORK – Oil was mixed on Wednesday as worries about the impact of the coronavirus outbreak and swelling crude inventories in the United States weighed on prices, while talk that OPEC could extend oil output cuts provided support. Brent crude LCOc1 gained 9 cents to $59.60 at barrel by 10:43 a.m. (15:41 GMT). U.S. crude was down 32
CNBC There’s a “bear stampede” in the oil market as a new coronavirus spreads, but that may not be directly comparable to the sell-off in 2003 associated with the outbreak of severe acute respiratory syndrome (SARS), according to an energy analyst. Oil futures slid for a sixth session on Tuesday amid reports of a rising number of cases and casualties. “It is based on
CNBC Oil prices slumped to multi-month lows on Monday, with energy market participants increasingly concerned about demand growth as the coronavirus spreads globally. International benchmark Brent crude traded at $58.99 a barrel Monday afternoon, down nearly 2.8%, while U.S. West Texas Intermediate (WTI) stood at $52.70, tumbling over 2.7%. Both crude benchmarks have slipped to lows not seen since early October, as
Reuters ALGIERS – OPEC president Mohamed Arkab said on Monday he expects an outbreak of coronavirus in China to have little impact on the global oil market for now, but added that producers were ready to react to any new developments. “The impact on the prospects for the world oil demand would be low,” Arkab, who is also Algeria’s energy
