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Oil rises despite growing concern over spread of virus

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Brent edges higher as investors cover short positions after three sessions of losses, even as fears of a global pandemic deepen

A gas flare burns at Russian oil refinery, operated by OAO Lukoil in Russia. Picture: BLOOMBERG

Fears of a pandemic escalated after the coronavirus spread to more countries, while Iran’s virus death toll rose to 16, the highest outside China, and infections worsened in South Korea and Italy. “The reduction in Libya’s output and the expectation for additional production cuts by Opec and Opec-plus are also lending support,” he said.

Saudi Arabia’s energy minister said on Tuesday he was confident that Opec and its partners would respond responsibly to the spread of the coronavirus.

 

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