Oil prices rose yesterday, despite OPEC and IEA reports cutting demand forecasts for this year on the back of the coronavirus outbreak in China, the world’s biggest oil importer.
Brent crude rose 3 cents to $55,82 per barrel. US West Texas Intermediate rose 17 cents, or 0,3 eprcent, to $51,34 per barrel.
Oil demand in China, the world’s second-largest crude consumer, has plunged because of travel restrictions to and from the country and quarantines within it.
Hubei province, the epicentre of the outbreak, said yesterday that the number of new confirmed cases there jumped by 14,840 to 48,206 on February 12 and that deaths climbed by a daily record of 242 to 1 310, reflecting changes to the diagnostic methodology. — CNBC.