Oil prices climb on prospects for deeper OPEC+ output cuts

Feb 13 17:02 2020 Print This Article

Oil prices edged higher on Thursday, as investors hoped the world’s biggest producers would cut output more, while they largely shrugged off forecasts of slumping demand due to the coronavirus outbreak in top oil importer China.

Brent crude LCOc1 was up 58 cents, or 1.04%, at $56.37 a barrel by 12:20 p.m. ET, while U.S. West Texas Intermediate (WTI) CLc1 was up 40 cents, or 0.8%, at $51.57 a barrel.

U.S. gasoline futures RBc1 jumped more than 1%, supported by outages at Exxon Mobil Corp’s 502,500 barrel-per-day (bpd) Baton Rouge, Louisiana and at Phillips 66’s 285,000-bpd Bayway refinery in Linden, New Jersey.

The Organization of the Petroleum Exporting Countries lowered its 2020 demand forecast for its crude by 200,000 bpd, prompting expectations the producer group and its allies, known as OPEC+, could cut output further.

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