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Oil gains amid assessment of China virus impact, possible OPEC supply cuts


Wednesday, 29 January 2020 13:40 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day rout on talk that OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles also helped steady prices.

Brent crude (LCOc1) rose 85 cents, or 1.43%, to $60.36 a barrel by 04:18 GMT. U.S. crude was up 75 cents, or 1.4%, at $54.23 a barrel.

Financial markets that have been hit by the spread of the new virus out of China and its rising death toll are taking stock of the economic fallout, helped by comments from the head of the World Health Organization supporting Beijing's efforts to beat the outbreak.

Source : Reuters


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