Commodity News
HeadLine : Oil rises on supply worries, while virus-led demand concerns ease
Date : Feb 20 2020
Oil prices rose nearly 1% on Thursday, extending big gains from a day earlier, as the market worried about crude supply disruptions and demand concerns were cushioned after a sharp drop in new coronavirus cases at the epicenter of the outbreak. Tensions in Libya that have led to a blockade of its ports and oilfields have shown no signs a resolution, while U.S. sanctions on a subsidiary of Russian state oil major Rosneft to cut Venezuelan crude from the market have helped rekindle global oil supply worries. West Texas Intermediate (WTI) crude futures (CLc1) climbed 49 cents, or 0.9%, to $53.78 per barrel. U.S. crude also closed up 2.4% in the previous session. Libya's internationally recognized leader Fayez al-Serraj dashed hopes of reviving peace negotiations on Wednesday after the Libyan National Army (LNA) of Khalifa Haftar shelled the port of the capital, which is held by al-Serraj's government. The ongoing conflict has cut oil exports by 1 million barrels per day (bpd), while losses from the oil blockade have exceeded $1.6 billion.

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