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Oil Rises as OPEC, Allies Work on Big Cut

Wednesday, 4 March 2020 19:34 WIB

Minyak WTIbrent oilOil,Crude Oil

Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak.

Brent crude was up by 62 cents, or 1.2%, at $52.48 a barrel at 1144 GMT. U.S. West Texas Intermediate (WTI) was up by 57 cents, or 1.2%, at $47.75 a barrel.

Saudi Arabia and other OPEC members are seeking to persuade Russia on Wednesday to join them in large additional oil output cuts to prop up prices which have tumbled because of the coronavirus outbreak.

A technical panel of several representatives from OPEC states, Russia and other producers recommended on Tuesday cutting output by as much as an extra 1 million barrels per day (bpd) during the second quarter only.

Source : Reuters

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