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Oil rises as markets wait on virus impact, US stocks fall


Wednesday, 29 January 2020 20:12 WIB

Minyak WTI


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

Brent crude rose 66 cents, or 1.1%, to $60.17 a barrel by 0951 GMT. U.S. crude was up 62 cents, or 1.2%, at $54.10 a barrel.

Financial markets that have been hit by the spread of the virus out of China are trying to assess the economic fallout, with the death toll rising to 132 and airlines reducing flights to China.

Gasoline stocks were up by 3.3 million barrels, compared with forecasts in a Reuters poll of a 1.3 million-barrel gain.

Distillate fuel inventories, which include diesel and heating oil, fell by 141,000 barrels, against expectations of a 1 million barrel drop.

Official figures on oil and products are due out from the Energy Information Administration later on Wednesday.


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