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2020-01-29 13:30:00

OIL PRICE: NEAR $60

OIL PRICE: NEAR $60

REUTERS - Oil prices rose for a second day on Wednesday, recouping some losses after a five-day rout on talk that OPEC could extend oil output cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles helped steady prices.

Brent crude LCOc1 rose 66 cents, or 1.1%, to $60.17 a barrel by 0951 GMT. U.S. crude was up 62 cents, or 1.2%, at $54.10 a barrel.

Financial markets that have been hit by the spread of the virus out of China are trying to assess the economic fallout, with the death toll rising to 132 and airlines reducing flights to China. 

"While the coronavirus continues to the spread both in and outside China the market is trying to adjust positions across all asset classes," said Saxo Bank analyst Ole Hansen.

"Commodities, most of which depend on global growth and demand, have been caught in the crosshairs of these developments ... China (is) the world's biggest buyer of most commodities, from crude oil and fuel to copper and iron ore."

British Airways suspended all direct flights to and from mainland China after Britain warned against all but essential travel to the country, and jet fuel demand has slumped in Asia as airlines have cancelled connections.

The Organization of Petroleum Exporting Countries wants to extend oil production cuts until at least June from March, and may deepen the reductions, should demand for oil in China be significantly reduced by the spread of the virus, OPEC sources said.

OPEC and its allies including Russia, have been trying to stabilise prices amid questions over the global demand outlook and rising supplies, particularly out of the United States.

"A further extension is a strong possibility and a deeper cut is a possibility," one OPEC source told Reuters. Any fallout of the China virus on oil demand is likely to be clearer over the coming week, the source said.

In the United States, crude oil inventories fell by 4.3 million barrels last week, data from industry group the American Petroleum Institute showed on Tuesday, compared with analysts' expectations of a gain of 482,000 barrels.

Gasoline stocks were up by 3.3 million barrels, compared with forecasts in a Reuters poll of a 1.3 million-barrel gain.

Distillate fuel inventories, which include diesel and heating oil, fell by 141,000 barrels, against expectations of a 1 million barrel drop.

Official figures on oil and products are due out from the Energy Information Administration later on Wednesday.

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Earlier:

OIL PRICE: NEAR $60
2020, January, 27, 15:00:00
OIL PRICE:NEAR $59
Brent fell by $1.79 a barrel, or 2.95%, to $58.90, WTI was down by $1.63, or 3%, at $52.55.
OIL PRICE: NEAR $60
2020, January, 24, 13:45:00
OIL PRICE:NEAR $62
Brent were up 31 cents, or 0.5%, at $62.35 a barrel, WTI were up 27 cents, or 0.5% higher at $55.86 a barrel.
OIL PRICE: NEAR $60
2020, January, 22, 12:55:00
OIL PRICE:NEAR $64
Brent was down 30 cents, or 0.5%, at $64.29 a barrel, WTI fell 33 cents, or 0.6%, to $58.05 a barrel
OIL PRICE: NEAR $60
2020, January, 20, 12:20:00
OIL PRICE: NOT ABOVE $66
Brent were up by 70 cents, or 1.11%, to $65.55, WTI was up by 56 cents, or 1%, at $59.10 a barrel, after rising to $59.73, the highest since Jan. 10.
OIL PRICE: NEAR $60
2020, January, 20, 12:05:00
OPEC'S OIL PRODUCTION DOWN 2 MBD
Recent statistics issued by the Organisation of the Petroleum Exporting Countries, OPEC, highlighted a decrease in its production by 6.3 percent or some 2 million barrels per day in 2019, compared to 2018.
OIL PRICE: NEAR $60
2020, January, 17, 11:45:00
OIL PRICE: NOT ABOVE $65
Brent were up 12 cents to $64.74, WTI were up 11 cents at $58.63 a barrel,
OIL PRICE: NEAR $60
2020, January, 15, 12:50:00
OIL PRICES 2020-21: $65-$68
Brent crude oil spot prices will average $65 per barrel (b) in 2020 and $68/b in 2021, compared with an average of $64/b in 2019. EIA expects West Texas Intermediate (WTI) crude oil prices will average about $5.50/b lower than Brent prices through 2020 and 2021, compared with an average WTI discount of about $7.35/b in 2019.
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Tags: OIL, PRICE, BRENT, WTI