Oil Rebounds Amid Broad Market Recovery; Investors Still Wary

Tuesday, 11 February 2020 13:01 WIB



Oil prices rose more than 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China.

Brent crude (LCOc1) rose 70 cents, or 1.3%, to $53.97 a barrel by 04:28 GMT, retreating from an intraday high of $54.13. U.S. West Texas Intermediate (CLc1) was up 61 cents, or about 1.2%, at $50.18 a barrel.

The number of coronavirus deaths in mainland China have now reached 1,016, its National Health Commission said, and the number of cases has topped 42,600.

The virus has also spread to two dozen other countries, with the head of the World Health Organization (WHO) cautioning on Monday that the cases outside of China could be "the spark that becomes a bigger fire".

Traders remain concerned that China's oil demand could take a further hit if the coronavirus cannot be contained. Chinese state refiners have already said they will cut as much as 940,000 barrels per day (bpd) from their crude runs in February due to the virus.

Source : Reuters


  • Oil prices edged lower on Friday after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. B...



Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.