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Oil Rates Ease Slightly in Anticipation of OPEC Cuts

Oil prices are slow-moving on Monday while traders are assessing oil demand downturn in China amid an outbreak of coronavirus, awaiting OPEC+ decision to further reduce production to maintain market balance.

Brent oil crude futures with delivery in April went down by 0.75 percent, to $54.06 per barrel, while front-month futures for WTI oil eased by 0.70 percent, to $49,97 per barrel.

oil rates dropPhoto: Flickr

Oil rates decreased by more than 20 percent, bouncing back from recent highs, reached in January after the coronavirus epidemic outbreak hit fuel demand in China, the world’s largest oil importer.

Meanwhile, Russia said on Friday it would take longer to decide regarding the recommendation of the OPEC+ to reduce production by another 600,000 barrels per day.

On Sunday, Algerian oil minister Mohammed Arkab said that the committee had recommended an increase in production cuts by the end of the second quarter.