Oil rises for a second day as OPEC+ weighs coronavirus action
- Oil futures rose for a second day on Thursday boosted by potential OPEC+ action to counter oil demand loss from the coronavirus outbreak and by optimism that trade tensions between the world’s two biggest economies were easing.
- A technical committee advising the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day (bpd), two sources told Reuters.
- Brent futures rose by 17 cents to $55.45 a barrel, having risen 2.4% in the previous session. U.S. West Texas Intermediate futures gained 46 cents to $51.21 a barrel after rising 2.3% on Wednesday.