Oil prices rose on Friday but were still set for a fourth consecutive weekly los...
LONDON - Oil prices rose on Friday but were still set for a fourth consecutive weekly loss, as markets attempted to assess the economic damage of the new coronavirus that has spread from China to around 20 countries, killing more than 200 people.
“The move has stoked optimism that there may be light at the end of the virus tunnel. This is because the declaration should pave the way for a coordinated international response to control the global spread of the disease,” said Stephen Brennock of oil broker PVM. Oil prices were also buoyed by reports that Saudi Arabia has opened a discussion about moving an upcoming policy meeting to early February from March to address the impact of coronavirus on crude demand.
“As such, we are not sure what an emergency February OPEC meeting could effectively deliver other than the usual words of reassurance to the market that producers will act to balance the market.”
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