Commodity News
HeadLine : Oil slips amid demand concern, fears over OPEC+ deal for deeper output cuts
Date : Mar 6 2020
Oil slid on Friday as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. Brent crude fell 47 cents, or 0.9%, to $49.52 per barrel, while U.S. West Texas Intermediate (WTI) was down 42 cents, or 0.9%, at $45.48 per barrel. The Organization  of the Petroleum Exporting Countries (OPEC) on Thursday pushed for crude output by OPEC and associated producers - a group known as OPEC+ - to be cut by an extra 1.5 million barrels per day (bpd) in total until the end of 2020. The call came ahead of an OPEC+ meeting scheduled for Friday in Vienna. Non-OPEC states were expected to contribute 500,000 bpd to the overall extra cut, OPEC ministers said. But Russia and Kazakhstan, both members of OPEC+, said they had not yet agreed to the deeper cut,  raising the risk of a collapse in cooperation that has propped up crude prices since 2016.

Source  : Investing
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