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Oil Inches Higher, But Gains Capped by Widening Economic Impact of Virus Outbreak


Wednesday, 19 February 2020 09:47 WIB

Minyak WTIbrent oilOil,Crude Oil


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Oil prices were slightly higher on Wednesday with gains limited by the widening economic impact from the coronavirus epidemic that started in China, although new confirmed cases fell for a second day in the province at the center of the outbreak.

Brent crude was up by 6 cents at $57.81 a barrel by 0149 GMT, while U.S. oil was up 7 cents at $51.97 a barrel. Both contracts started the Asian session trading lower.

China is struggling to get manufacturing back on line in the world’s second-largest economy after imposing stringent city-wide lockdowns and travel restrictions in efforts to contain the virus.

Official data showed new cases in Hubei province fell for a second straight day, although the number of deaths increased, and the World Health Organization earlier cautioned there was not enough data to know if the epidemic was being contained.

Source : Reuters


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