Visit our Covid-19 microsite for the latest coronavirus news, analysis and updates

Follow the latest updates of the coronavirus outbreak on our timeline.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Oil prices have increased after a five-day fall on talks that OPEC could extend cuts if the novel coronavirus outbreak hurts economic demand for oil.

Financial markets impacted by the spread of the corona disease out of China are in the process of analysing the economic fallout. The coronavirus death toll has reached 132.

Brent crude futures rose $0.66 to $60.17 a barrel, while US West Texas Intermediate (WTI) crude was up $0.62 at $54.10 a barrel, reported Reuters.

According to American Petroleum Institute (API) data, crude oil inventories in the US fell by 4.3 million barrels last week and gasoline stocks were up by 3.3 million barrels, supporting prices.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

API data also showed a 141,000 barrel drop of distillate fuel inventories.

The news agency quoted ING Research as saying: “Price action since last Tuesday does suggest that the market is pricing in a fairly sizeable demand impact.

“The big unknown for markets is for how long will travel restrictions be in place, and could these get even stricter.”

Meanwhile, British Airways has suspended all direct flights to and from mainland China because of the coronavirus outbreak.

Asia’s jet fuel demand has slumped due to the suspension of airlines’ connection to China.

Reuters cited OPEC sources as saying that the group plans to extend oil production cuts until at least June this year.

Investors are awaiting data from the Energy Information Administration (EIA), which is due today.