OPEC could deepend output cuts if oil prices, demand fall on spread of coronavirus – Reuters

Eren Sengezer FXStreet

If the spread of the coronavirus continues to weigh on crude oil prices and the oil demand in China, OPEC is likely to extend the current oil output cut agreement at least until June, Reuters reported on Tuesday, citing three OPEC sources familiar with talks.

Sources further added that an extension until the end of the year and deeper oil output cuts were other options that could be considered to battle falling prices.

WTI rebounds modestly

These comments helped crude oil prices recover slightly on Tuesday. As of writing, the barrel of West Texas Intermediate was trading near the $53 mark, adding 0.3% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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