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Oil prices slipped again in the international market on Thursday, dipping over Washington's ban on travel from Europe following a WHO declaration that the coronavirus outbreak is now a pandemic. Brent crude declined by 5.3%, to $33.88 a barrel. US WTI crude slipped by 5.3%, to $31.24 a barrel. President Trump, yesterday, suspended all travel from Europe to the United States as he disclosed measures to contain the spread of coronavirus.
The oil cartel, OPEC yesterday agreed to deepen output cuts by an additional 1.5 million barrels per day (bpd) in the second quarter of 2020 to regulate fuel prices amidst coronavirus outbreak. The cartel has, however, made its action conditional on Russia and others chipping in. The oil demand outlook has tumbled as countries take stringent measures to contain coronavirus spread, pushing OPEC to consider its deepest cut since 2008.
Oil prices dropped in the international market on Friday, as concerns deepened due to non-agreement between OPEC and its allies over production cut. Brent crude dipped 0.96%, to $49.51 per barrel. US WTI crude was priced 0.83% lower, at $45.52 per barrel. While OPEC has suggested an extra 1.5 million barrels per day (bpd) until the end of 2020, non-OPEC states like Russia and Kazakhstan are yet to agree.
Rystad Energy has predicted a drop in oil industry investments this year. “Our current assessment forecasts that COVID-19 could result in global exploration and production (E&P) investments falling by around $30 billion in 2020", said the head of Rystad’s oilfield service research. There is no clear sign as to when the effect of the epidemic will ease.
According to the sources, Saudi Arabia has planned to cut crude supplies to China by at least 500,000 bpd. This decision has been taking keeping in the slower refinery demand after the coronavirus outbreak. China is the world's largest crude importer and takes 1.8 million bpd to 2 million bpd of Saudi crude. Due to slower demand, the refineries in China have also cut their crude processing rate in February.
Oil prices fell in the international market on Thursday, stressed by the concerns of coronavirus spread out of China. Brent crude was priced 1.4% lower, at $52.66 a barrel. US WTI dropped over 1.6%, to $47.93 a barrel. Yesterday, the total number of novel coronavirus cases outside China surpassed the number recorded in China, for the first time ever. Italy and Iran are becoming the new epicentres of coronavirus infection.
Oil prices held steady in the international market on Tuesday, as investors sought bargains while treading cautiously over concerns about the coronavirus spreading out of China. Brent crude was priced 0.3% higher, to $56.49 a barrel. US WTI rose 0.3%, to $51.60 a barrel. Asian share markets were aiming to remain steady on Tuesday, after a wave of early selling petered out and Wall Street futures secured a good bounce.
Oil prices dipped lower in the international market on Monday, slipping over the global spread of the coronavirus epidemic. Brent crude was priced 2.9% lower, at $56.81 a barrel. US WTI was priced 2.6% lower, at $51.98 a barrel. The number of coronavirus cases jumped in different countries, including South Korea, Italy and Iran. South Korea is on high-alert with 700 infected people and seven deaths due to coronavirus.
Oil prices edged higher in the international market on Wednesday, however, gains were capped by the lingering economic impact due to the coronavirus epidemic. Brent crude was priced at $57.81 a barrel. US WTI fell to $51.97 a barrel. One of the world's largest economies, China is battling to get manufacturing back on track after Coronavirus epidemic pushed the country to impose stringent city-wide lockdowns and travel obstructions.
Oil prices continued its downward journey in the international market on Tuesday, stressed by the concerns of coronavirus severely impacting the economy and its effect on oil demand. Brent crude was priced 0.6% lower, at $57.30 a barrel. US WTI fell by 0.3%, to $51.90 a barrel. Even though new coronavirus infection cases in mainland China fell below 2,000 yesterday, global experts cautioned against the early prediction of outbreak containment.
Oil prices fell in the international market on Monday, slipping ahead of Asian economic data release that is due this week. Brent crude was priced at $56.99 a barrel. US WTI fell to $51.92 a barrel. Asia's economic data will indicate the effect of China’s coronavirus epidemic on oil demand. The IEA has already forecasted a dip of 435,000 barrels per day (bpd) in oil demand due to coronavirus spread.
Oil prices held ground in the international market on Friday but remained on course for its first weekly gain in six weeks. While Brent crude fell to $56.25 a barrel. US WTI was priced at $51.41 a barrel. Crude prices have seen a 20% downfall in 2020-highs achieved on Jan. 8 as investors remained largely worries about large fuel demand declines in China amidst coronavirus outbreak and spread.
Oil prices continued its upward journey in the international market on Thursday, buoyed up by the expectations of deeper production cuts to negate the tumbling demand due to the coronavirus outbreak in China. Brent crude climbed 0.3%, to $55.96 per barrel. US WTI rose 0.6%, to $51.46 a barrel. OPEC yesterday decreased its 2020 forecast for the demand of cartel's crude by 200,000 bpd, prompting expectations of deeper output cuts.
Oil prices climbed up in the international market on Wednesday, as the number of new Coronavirus cases slowed in China. Brent crude were up by 1.3%, at $54.75 per barrel. U.S. WTI CLc1 was priced 0.9% higher, at $50.39. Data released on Monday indicated a slower growth rate of new coronavirus cases in China since Jan 31. A Chinese medical advisor yesterday anticipated for the outbreak to be over by April.
Oil prices jumped in the international market on Tuesday, as the investors holding short positions booked profits, encouraged by recent sharp falls. Brent crude rose 1.5%, to $54.06 a barrel. The U.S. West Texas Intermediate was priced 1.3% higher, at $50.20 a barrel. China’s National Health Commission has updated the number of deaths due to coronavirus to 1,016, with the number of cases reaching 42,600.
Oil prices declined further on Monday over falling demand in China. Recently, traders are assessing oil demand in China and the market is awaiting a step to curb output by major producers. Brent slipped to the lowest since January 2019 and was traded at $53.63 a barrel. WTI also decreased and was traded at $50.24 a barrel.
The international market felt a sign of relief after Russia backed OPEC's recommendation to deepen output cuts. The coronavirus epidemic in China has led to a steep decline in the demand for crude. On Friday, oil prices rose on the back of Russia's support. Brent increased by 0.6% and was traded at $55.27 a barrel. WTI went up by 0.5% and was traded at $51.23 a barrel.
Iraq has informed about OPEC's plan to cut down on the crude output. This possibility is being weighed over China's coronavirus epidemic. OPEC will hold a meeting with "joint technical committee" in Vienna on Tuesday and Wednesday. "The technical committees are discussing the recommendations, which they will elevate to their ministers. Any further cut to outputs would only be announced in a ministerial meeting", said Iraq's oil ministry.