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Oil prices have risen slightly after Russia expressed its support for further output cuts as China battles the coronavirus outbreak.
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According to Reuters, Brent crude futures rose $0.10 to $55.03 a barrel. US West Texas Intermediate (WTI) crude futures were up $0.06 at $51.01 a barrel.
Reuters cited three sources saying that a panel advising the OPEC+ group suggested a provisional supply output cut of 600,000 barrels per day (bpd).
Russian Foreign Minister Sergei Lavrov said: “We support this idea.”
National Australia Bank Melbourne commodities research head Lachlan Shaw said: “The OPEC+ cuts are supportive of prices near term, but we are still facing uncertainty about the timing and speed of Chinese activity restarting post-Chinese New Year.”
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By GlobalDataOil prices have fallen by over a fifth since the outbreak of coronavirus in China’s Wuhan city.
ING Economics said: “There is still plenty of uncertainty around the global balance, with it unknown how demand will evolve in coming months as a result of the coronavirus.”
The coronavirus death toll has reached 638, including one reported in the Philippines. The number of cases of infection has increased to 31,428 as of the end of 6 February.
