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Oil rose about 1% in early trade on February 5 after reports that OPEC+ was weighing further output cuts to offset coronavirus demand damage. Brent was up 74 cents to $54.70 and WTI rose 61 cents to $50.22.
OPEC+ moved its policy meeting forward to February.
Talk of extra supply cuts provides a short-term floor for crude, but analysts warn that a prolonged China slowdown could outweigh production curbs. Energy price swings feed into biofuel economics and related vegetable oil values.
upstreamonline.comReutersFeb 5, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
