Oil Prices Rise For Second Day

By | January 29, 2020
InstaForex
Oil Prices Rise For Second Day

Oil prices rose for a second straight session on Wednesday after data showed a decline in U.S. stockpiles and reports suggested that OPEC could extend output cuts.

Benchmark Brent crude jumped 1 percent to $59.39 a barrel, while U.S. crude futures were up 0.9 percent at $53.95 a barrel.

Investors’ concerns about weak crude oil demand eased after the head of the World Health Organization (WHO) said he was confident in China’s ability to contain the virus outbreak.

OPEC wants to extend oil output cuts until at least June from March, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the coronavirus outbreak, media reports quoted OPEC sources as saying.

Data from industry group the American Petroleum Institute showed on Tuesday that U.S. oil inventories fell by 4.3 million barrels for the week ended Jan.24, compared with analysts’ expectations of a gain of 482,000 barrels.