Russia has said that it will refuse to sell oil to countries that abide by the price caps. (Photo by ronaldlau from Pixabay)

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

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Oil prices have remained steady as the coronavirus covid-19-related demand worries have been offset by production cuts from major companies.

According to Reuters, Brent crude futures were $0.05 down at $57.27 a barrel. US West Texas Intermediate (WTI) crude rose $0.03 to $52.08 a barrel.

Last week, the International Energy Agency (IEA) reported that oil demand may decline by 435,000 barrels per day (bpd) in the first quarter of this year due to the coronavirus covid-19.

OANDA Singapore senior market analyst Jeffrey Halley said: “Oil remains acutely vulnerable to both excess supply and the economic coronavirus-induced slowdown in China and other parts of Asia.”

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.

Oil prices rose last week for the first time since the first week of January. Analysts attributed this to optimism that Chinese economic stimulus measures could lead to a recovery in oil demand in China.

The death toll from the virus has reached 1,383, including one in Japan. The number of cases of infection has increased to 64,429 globally as of the end of 13 February. The total number of disease recoveries stood at 6,886.

Reuters quoted analysts as saying: “We expect the data to be weak but if they are better-than-expected then industrial commodity prices could see further gains.”

Meanwhile, investors anticipate that the OPEC+ Group will approve a plan to deepen production cuts. They believe this will support oil prices and tighten supplies worldwide.

The group has already signed an agreement to cut oil output by 1.7 million barrels per day (Mbpd) until the end of next month.