Reuters NEW YORK – Oil was mixed on Wednesday as worries about the impact of the coronavirus outbreak and swelling crude inventories in the United States weighed on prices, while talk that OPEC could extend oil output cuts provided support. Brent crude LCOc1 gained 9 cents to $59.60 at barrel by 10:43 a.m. (15:41 GMT). U.S. crude was down 32
CNBC There’s a “bear stampede” in the oil market as a new coronavirus spreads, but that may not be directly comparable to the sell-off in 2003 associated with the outbreak of severe acute respiratory syndrome (SARS), according to an energy analyst. Oil futures slid for a sixth session on Tuesday amid reports of a rising number of cases and casualties. “It is based on
CNBC Oil prices slumped to multi-month lows on Monday, with energy market participants increasingly concerned about demand growth as the coronavirus spreads globally. International benchmark Brent crude traded at $58.99 a barrel Monday afternoon, down nearly 2.8%, while U.S. West Texas Intermediate (WTI) stood at $52.70, tumbling over 2.7%. Both crude benchmarks have slipped to lows not seen since early October, as
Reuters ALGIERS – OPEC president Mohamed Arkab said on Monday he expects an outbreak of coronavirus in China to have little impact on the global oil market for now, but added that producers were ready to react to any new developments. “The impact on the prospects for the world oil demand would be low,” Arkab, who is also Algeria’s energy
Argus Adds comments from Opec source and updates China imports total Dubai, 27 January (Argus) — Concern about the potential impact of the Chinese coronavirus outbreak on oil demand is putting mounting pressure on crude prices, outweighing Libyan supply disruptions and prompting reassurances from Saudi Arabia. Saudi Arabia and other members of the Opec+ group of producer countries have the
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