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Piling virus concerns drive oil markets into bearish territory, OPEC+ calls urgent meeting

04.02.2020 08:01:22
130576

Piling virus concerns drive oil markets into bearish territory, OPEC+ calls urgent meeting

Oil prices fell at nearly $50 a barrel as concerns on the coronavirus drove it into a bearish market. On Tuesday, OPEC called for an urgent meeting with its allies in order to measure the impact of the virus on global demand.  

Technical experts from the OPEC+ coalition will meet in Vienna later in the month to consider the probability of new output cuts.

“The coronavirus is prompting growth downgrades around the world and oil demand is taking a big hit,” said economist at Oversea-Chinese Banking Corp in Singapore, Howard Lee. “It looks highly likely to me that OPEC+ will extend its production cuts from March to June. It’s a logical response given how depressed prices are now.”  

Latest News

31.07.2020 14:00:27

Oil prices rebounds from record lows amid looming headwinds from the pandemic

Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...

30.07.2020 11:00:25

Oil falls as virus fears weigh on demand recovery

Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...

29.07.2020 11:00:24

Oil climbs after U.S. stockpile drop prompts demand fears

Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...

29.07.2020 11:00:24

Dollar sits near two-year lows ahead of Fed policy meeting

The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve ...

28.07.2020 11:00:24

Oil rises on weak dollar, U.S. coronavirus aid hopes

Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic.  Prices were also buoyed by a weakening dollar, making it ...

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