Oil Price Rise For Third Day

Yemisi Izuora


Oil prices rose for a third day on expectations that major producers are likely to enact deeper output cuts to offset the slump in demand caused by the coronavirus outbreak in China, the world’s second-largest crude consumer.


Brent crude rose 17 cents, or 0.3 per cent, to $55.96 per barrel while the U.S. West Texas Intermediate (WTI) rose 29 cents, or 0.6 per cent, to $51.46 a barrel.


The Organization of Petroleum Exporting Countries, OPEC, and its allies including Russia, known as OPEC+, recommended last week an additional output cut of 600,000 barrels per day (bpd) to its current 1.7 million bpd reduction to offset the disease-related demand losses.

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