Oil steady, but on track for weekly gain

An oil tanker at Jose refinery cargo terminal in Venezuela. Picture: REUTERS/JORGE SILVA/FILE PHOTO

Brent crude futures were 1c higher at $56.35 a barrel by 4.39am GMT, after gaining 1% the previous session. Brent is 3.4% higher for the week, the first increase since the week of January 10. “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.

In response to the demand slump, the Organization of the Petroleum Exporting Countries and its allied producers, known as Opec+, are considering cutting output by up to 2.3- million barrels per day.

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