Oil Hits Two-Week High on China Stimulus Hopes, Supply Risks

Wednesday, 19 February 2020 18:49 WIB



Oil rose to a two-week high on hopes that economic stimulus from China can revive demand battered by the coronavirus, and as a number of OPEC nations faced threats to their production.

Brent futures increased for a seventh day, the longest run of gains since early 2019, even as Chinese refineries slashed processing by 25% from last year as the virus hit travel and economic activity.

Crude is being supported along with equities by signs that China, the world’s biggest oil importer, is considering steps to shore up its economy, such as direct cash infusions and mergers to revive its airline industry.

Prices are also drawing support from a range of supply disruptions.

Cease-fire talks were suspended in OPEC member Libya after the capital’s port was shelled by forces loyal to military commander Khalifa Haftar, who has choked off the country’s exports. And Venezuela’s ability to export crude was further threatened as the U.S. sanctioned a unit of Russia’s Rosneft PJSC for maintaining ties with President Nicolas Maduro and the state-run oil company.

Brent for April settlement climbed 79 cents, or 1.4%, to $58.54 a barrel on the ICE Futures Europe exchange as of 10:29 a.m. in London, after gaining more than 8% in the past six sessions. West Texas Intermediate for March delivery advanced 71 cents, or 1.4%, to $52.76.

Source : Bloomberg




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