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Oil Extends Rally After OPEC+ Experts Suggest Deeper Output Cuts
Wednesday, 4 March 2020 09:31 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil's rebound extended into a third day after OPEC+ experts recommended deeper production cuts to combat the demand hit from the coronavirus before the group meets later this week.

The Joint Technical Committee suggested an additional output reduction of 600,000 to 1 million barrels a day during the second quarter, according to delegates. Ministerial meetings are scheduled for Thursday and Friday in Vienna. That came after an emergency half-percentage point interest-rate cut by the Federal Reserve failed to revive U.S. stocks on Tuesday.

West Texas Intermediate futures for April delivery rose 58 cents, or 1.2%, to $47.76 a barrel on the New York Mercantile Exchange as of 10:02 a.m. in Singapore after climbing as much as 1.8%. The contract has advanced more than 5% the past two sessions.

Brent futures for May increased 1.2% to $52.46 a barrel on the ICE Futures Europe exchange. The global crude benchmark traded at a premium of $4.54 to WTI for the same month.

Source : Bloomberg

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