Oil extends gains in hopes of recovery, OPEC cuts offset virus

SEOUL (Reuters) – Oil prices rose on Tuesday for a second day as central banks are likely to adopt financial stimulus packages to offset the effects of the coronavirus epidemic and the growing optimism that the & # 39; OPEC will order further production cuts this week.

Crude LCOc1 Brent rose $ 1.26 per barrel, or 2.4%, to $ 53.16 per barrel at 4:10 a.m. GMT. The West Texas Intermediate (WTI) CLc1 in the United States rose $ 1.24, or 2.7%, to $ 47.99 per barrel.

Brent and WTI have rebounded somewhat in the past two days, after falling more than 20% from their 2020 peak in January, caused by signs that the spread of the coronavirus has reduced demand for fuel.

Since Friday, WTI has gained 7.2% while Brent's first-month contract has climbed 7%, the largest two-day percentage gain for both contracts since prices fell after missile attacks against Saudi oil installations in September 2019.

"Oil prices have resumed their pace after the world's largest economies have signaled that they will be united to fight the economic impact of the coronavirus and the Russian capitulation by agreeing to cut production most important at this week’s meeting, "said Edward Moya, senior market analyst at OANDA.

G7 finance ministers will also discuss this week how best to cushion the impact of the epidemic on economic growth, French Finance Minister Le Maire said on Monday. This is happening while other major central banks have promised monetary and fiscal stimulus.

The coronavirus, originally from China, has spread to more than 60 countries and has killed more than 3,000 people worldwide.

"The coronavirus continues to spread globally and until markets can eventually calculate a return to normal travel and trade, oil will be hard pressed," said Moya.

With lingering concerns over demand for oil amid the virus epidemic, several key members of the Organization of the Petroleum Exporting Countries (OPEC) are considering further cuts in oil production, possibly reach 1 million barrels per day (b / d). The previous proposal provided for an additional reduction of 600,000 bpd.

OPEC and its allies, a group known as OPEC +, are expected to announce further production cuts at their March 5-6 meeting in Vienna. The group had agreed to cut production by 1.7 million bpd as part of an agreement that will end in late March.

Singapore-based analyst Margaret Yang of CMC Markets said the gradual resumption of business activities in China has also supported oil prices.

Brent found solid technical support at $ 51 per barrel while immediate resistance levels are at $ 54.70 and $ 57.20 per barrel, she added.

Oil stocks in the United States, the world's largest producer and consumer of crude oil, are expected to increase for the sixth week by 3.3 million barrels, while inventories of refined products are expected to decline, according to a Reuters poll.

Report by Jane Chung and Florence Tan; Editing by Christian Schmollinger

Our standards:Principles of the Thomson Reuters Trust.

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