Oil prices edge up on hopes of Opec+ supply cuts

Given the drop in demand, Opec and its allies are considering cutting output by up to 2.3-million barrels per dayLondon/Singapore — Oil prices edged up Friday and held on track for their first weekly gain since early January, backed by expectations that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.

“Oil prices appear to have stabilised this week on optimism that Opec+ will once again do whatever it takes to tighten output and on hope that the coronavirus peak is nearing,” said Edward Moya, senior market analyst at Oanda in New York. More than 1,350 people have died from the coronavirus in China, which has disrupted the world’s second largest economy and shaken energy markets. Brent has fallen 15% since the beginning of the year.

The World Health Organisation also reassured traders by saying the big jump in China’s reported cases reflected a decision by authorities to reclassify a backlog of suspected cases, and did not necessarily indicate a wider epidemic.

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