Oil rises on potential OPEC+ output cuts amid coronavirus outbreak
LONDON - Oil prices slipped on Friday as Russia said it would need more time before committing to output cuts along with OPEC and other producers amid falling demand for crude as China battles the coronavirus epidemic.
U.S. West Texas Intermediate crude CLc1 futures were down 53 cents, or 1%, at $50.42 a barrel, also heading for a fifth consecutive week of losses. Novak predicted global oil demand may fall by 150,000-200,000 barrels per day in 2020 amid the virus - a relatively conservative forecast. “The oil market may be willing to show some patience until the Kremlin decides the next course of action - how patient remains to be seen,” BNP Paribas analyst Harry Tchilinguirian told the Reuters Global Oil Forum.
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