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Oil Slips on Back of Concerns Over Demand and OPEC Deal

Oil prices are falling on Friday due to fears regarding fuel demand amid a global outbreak of coronavirus, reinforced by worries that non-OPEC oil producing countries have not yet agreed to deeper production cuts.

oil futures dipPhoto: Flickr

Brent oil futures with delivery in May eased by 2.82 percent, to $48,57 per barrel, while front-month WTI futures lost 2.37 percent, to reach $44,84 per barrel at 1014 GMT.

OPEC on Thursday claimed for a deeper decline in production than previously expected – by extra 1.5 million barrels per day until the end of 2020.

OPEC ministers said that OPEC+ members are expected to reduce production by additional 500,000 barrels per day. However, Russia and Kazakhstan, which are members of OPEC+, said they have not yet agreed to larger reductions.

The OPEC+ meeting will be held in Vienna on Friday. Some experts still consider Russia to accept the further cuts.

Source: Reuters