Oil Prices Gain but Set to Record Fifth Straight Weekly Loss
Investing.com
Published Feb 07, 2020 01:16AM ET
By Alex Ho
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Investing.com - Oil prices gained on Friday in Asia but is set to record their fifth straight weekly loss amid worries surrounding the recent coronavirus outbreak in China.
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U.S. Crude Oil WTI Futures gained 0.3% to $51.09 by 1:12 AM ET (05:12 GMT). It lost 3.7% on the week.
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Meanwhile, international Brent Oil Futures climbed 0.4% to $55.16. It is down about 5% this week, set for the longest losing streak since November.
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The gains today came after Reuters cited three unnamed sources and reported that OPEC+ might provisionally slash output by 600,000 barrels per day.
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"We support this idea," said Sergei Lavrov, Russia's Foreign Minister, when asked about the proposal at a news conference in Mexico City later in the day.
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The OPEC+ currently pumps more than 40% of the world’s oil.
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However, gains of the oil prices were limited as death toll related to the coronavirus in China continued to rise.
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The number of deaths from the coronavirus in China reached 636, with those affected topping 31,000, prompting the World Health Organization to warn that it was "too early" to declare a peak in the spread of the new disease.
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"The impact of the coronavirus on the oil market remains largely a Chinese demand story with weakening jet fuel demand and economic run cuts, but demand destruction outside of China has been minimal, for now," RBC Capital Markets analysts said in a note.
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Written By: Investing.com
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