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Oil rises as OPEC+ moves closer toward deeper output cut

04 March 2020 06:07 (UTC +04:00)

Oil prices rose more than 1% on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak, APA reports quoting Reuters.

Brent crude LCOc1 rose by 58 cents, or 1.12%, to $52.44 a barrel at 0212 GMT, after settling down 4 cents in the previous session. U.S. West Texas Intermediate (WTI) futures CLc1 rose by 53 cents, or 1.12%, to $47.71 a barrel, up for a third session.

Brent and WTI have each fallen about 27% their 2020-peak reached in January because of the declining demand from the coronavirus outbreak.