Oil prices are mixed in early Asian trade as traders digest reports that Russia has rejected a Saudi-led effort to deepen OPEC's oil production cuts in response to the deadly coronavirus in China.
Oil prices are likely to remain under pressure if the coronavirus continues to exert its effect on China, which could lead to lower demand, AxiCorp says. The more pronounced the effect of the virus on China, the more significantly oil demand will be impacted, it says.
Front-month WTI is up 0.8% at $51.34 a barrel but Brent futures are down 0.3% at $55.12 a barrel.
Source : Bloomberg