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Oil Extends Drop on OPEC+ Meeting Outlook, Libya Peace Talks


Monday, 10 February 2020 07:42 WIB

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Oil extended its worst weekly run since 2018 as hopes for an extraordinary OPEC+ meeting diminished while the outlook for a peace deal in Libya improved.

Futures in New York dropped below $50, after posting a fifth weekly decline last week. OPEC+ ministers are unlikely to hold an extraordinary early meeting to discuss the impact of the coronavirus on oil markets, but a meeting planned for March will go ahead as scheduled, RIA Novosti newswire reported, citing Azerbaijan Energy Minister Parviz Shahbazov.

Meanwhile, a United Nations-backed two-day meeting in Cairo on ending the conflict in Libya is being closely monitored for signs of a deal to restore output. While imminent large-scale resumption is unlikely, a truce may add over 1 million barrels per day to the already over-supplied international market.

West Texas Intermediate crude for March fell 51 cents to $49.81 a barrel on the New York Mercantile Exchange at 10:28 a.m. Sydney time.

Brent for April delivery traded 64 cents, or 1.2%, lower at $53.93 on the London-based ICE Futures Europe exchange.

Source : Bloomberg


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