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Oil prices have increased after a 13-month low as the rate of confirmations of cases of coronavirus in China has slowed.
According to Reuters, Brent futures rose $0.82 to $54.09 a barrel. US West Texas Intermediate (WTI) went up by $0.72 to $50.29 a barrel.
The Chinese Government’s top medical adviser said: “The epidemic may peak in February and then plateau before easing”.
CMC Markets market analyst Margaret Yang said: “A broad positive sentiment across Asia markets seems to have boosted crude oil prices.
“The rebound is mild and might be short-lived as China’s energy demand is likely to remain soft in the near term due to virus impact. OPEC+ and Russia will need to come out with a cohesive output cut plan to shore up oil prices.”
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By GlobalDataLast week, Russia announced that it needs more time to decide whether to implement the supply curbs recommended by OPEC+ group. These would cut production by a further 600,000 barrels per day (bpd).
Chinese refiners have already said that they will cut more than 940,000bpd from their crude production this month. They have attributed this to falling demand due to the coronavirus outbreak.
The death toll from the virus has reached 1,018, including the one reported in the Philippines. The number of cases of infection increased to 42,638 globally as of the end of 10 February. This represents an increase of 108 deaths from the day before.