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Oil Prices Steady Amid Possibility of Deeper Supply Cuts


Friday, 14 February 2020 12:59 WIB

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Oil prices steadied on Friday in Asia amid possibility of deeper supply cuts from major producers.

U.S. Crude Oil WTI Futures inched up 0.1% to $51.48 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures was little changed at $56.35.

The Organization of the Petroleum Exporting Countries (OPEC) lowered its 2020 demand forecast for its crude by 200,000 barrels per day, citing worries about the coronavirus outbreak in China, the world’s biggest oil importer.

The news prompted expectations the producer group could cut output further.

Source : Investing.com


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