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Oil Holds Near $50 as Russia Mulls Support for OPEC+ Output Cut
Wednesday, 12 February 2020 07:53 WIB | COMMODITY |BrentWTIMinyak

Oil held near $50 a barrel in Asian trade as investors weighed hopes for a decision by Russia to accept an OPEC+ proposal for production cuts against an increase in American crude stockpiles.

Futures in New York gained 0.4%, adding to Tuesday™s 0.8% advance. Russia™s Energy Minister Alexander Novak, who is set to meet with the country™s oil companies on Wednesday, said Moscow is œstudying the OPEC+ output-cut plan after days of hesitation. Crude prices have plunged about 18% since the start of the year as travel bans and quarantines due to the coronavirus weigh on fuel demand.

An American Petroleum Institute report showed U.S. crude inventories rose 6 million barrels last week, according to people familiar with the data.

West Texas Intermediate crude for March delivery was up 18 cents at $50.12 a barrel on the New York Mercantile Exchange at 10:33 a.m. Sydney time. March WTI ended Tuesday™s session 37 cents higher at $49.94.

Brent crude for April settlement rose 74 cents to settle as $54.01 a barrel on the ICE Futures Europe exchange in London on Tuesday.

Source : Bloomberg

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