OPEC to try to stem oil price plunge amid coronavirus slowdown

The logo of the Organisation of the Petroleum Exporting Countries on a flag at the oil producer group's headquarters in Vienna, Austria. Members begins meeting on Thursday in Vienna as they weigh how to react to a sharp drop in oil demand due to the outbreak of the Covid-19. - Reutersclub of begins meeting on Thursday in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the Covid-19 .

Media members would be informed of any decisions taken but won't be able to enter the secretariat where the gathering takes place, it added. On Tuesday, Brent crude was up 2.1% at US$53.00 per barrel and West Texas Intermediate was 2.2% higher at US$47.79. Last week the Financial Times reported that Saudi Arabia wanted to bring the cut up to a million barrels a day.

Saudi Arabia is thought to be counting on prices being twice that high, SEB analyst Bjarne Schieldrop told AFP.Now that there is"more clarity that demand will be hurt badly , Russia will likely join in with cuts," he said, adding:"The only doubt is how much and how long."

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