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Fading Hope for Emergency OPEC+ Meeting Caps Oil’s Advance
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OPEC+ Dithering on Early Meeting Sees Oil Ease After Weekly Gain
(Bloomberg) -- Oil eased after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.While Saudi Arabia hasn’t given up on its push for the gathering this month, OPEC and its allies are likely to stick with a scheduled meeting in March after Russia balked at the idea. China, Hong Kong and Singapore have pledged extra fiscal stimulus to counter the economic hit from the deadly coronavirus, with Beijing considering measures such as lowering corporate taxes.While Brent oil rallied by more than 5% last week amid speculation that the worst economic impacts of the virus may have been accounted for, Goldman Sachs Group Inc. slashed its 2020 crude-demand forecast almost in half and lowered its first-quarter price estimate by 16%. Sentiment remains cautious with Hubei, the Chinese province at the epicenter of the outbreak, reporting new cases and additional deaths.“What we saw last week was cautious optimism that the coronavirus spread could no longer be worsening, or could be contained within China,” said Vandana Hari, founder of Vanda Insights. “But that cautious optimism is not enough for crude to recover all the ground it has lost.”Brent for April settlement dropped 13 cents, or 0.2%, to $57.19 a barrel as of 11:31 a.m. in Singapore on the ICE Futures Europe exchange after falling as much as 0.9% earlier. The contract advanced 5.2% last week. The global benchmark crude traded at a premium of $4.92 to West Texas Intermediate.WTI for March delivery was little changed at $52.01 a barrel on the New York Mercantile Exchange. The contract rose 3.4% last week, the biggest weekly gain since December.See also: Seized Oil Cargo Is Latest Twist in Venezuela’s Political FightRussia has resisted Saudi Arabia’s efforts for a swift response to the virus, even after an OPEC+ committee recommended additional collective cutbacks of 600,000 barrels a day — on top of the 2.1 million already being made. Global oil demand is expected to decline this quarter for the first time in more than a decade, according to the International Energy Agency.China on Monday offered more funding to banks and cut the interest rate it charges for the money to cushion its economy. Singapore has also promised a “strong” package of budget measures and central banks in the Philippines, Thailand and Malaysia have cut interest rates as Asian economies grapple with the virus-induced slowdown.\--With assistance from James Thornhill and Serene Cheong.To contact the reporter on this story: Saket Sundria in Singapore at ssundria@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Ben Sharples, Andrew JanesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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OPEC+ Dithering on Early Meeting Sees Oil Slip After Weekly Gain
(Bloomberg) -- Oil slipped after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the coronavirus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.While Saudi Arabia hasn’t given up on its push for the gathering this month, OPEC and its allies are likely to stick with a scheduled meeting in March after Russia balked at the idea. China, Hong Kong and Singapore have pledged extra fiscal stimulus to counter the economic hit from the deadly outbreak, with Beijing considering measures such as lowering corporate taxes.While Brent oil capped its biggest weekly gain this year amid speculation that the worst economic impacts of the virus may have been accounted for, Goldman Sachs Group Inc. slashed its 2020 crude-demand forecast almost in half and lowered its first-quarter price estimate by 16%. Sentiment remains cautious with Hubei, the Chinese province at the epicenter of the outbreak, reporting new cases and additional deaths.“What we saw last week was cautious optimism that the coronavirus spread could no longer be worsening, or could be contained within China,” said Vandana Hari, founder of Vanda Insights. “But that cautious optimism is not enough for crude to recover all the ground it has lost.”Brent dropped 19 cents, or 0.3%, to $57.13 a barrel as of 10:35 a.m. in Singapore after falling as much as 0.9% earlier. The contract advanced 5.2% last week. West Texas Intermediate was little changed at $52.01.\--With assistance from James Thornhill and Serene Cheong.To contact the reporter on this story: Saket Sundria in Singapore at ssundria@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Ben Sharples, Andrew JanesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Oil Steady After Weekly Surge While OPEC+ Dithers on Early Meet
(Bloomberg) -- Oil was steady after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.While Saudi Arabia hasn’t given up on its push for the gathering this month, OPEC and its allies are likely to stick with a scheduled meeting in March after Russia balked at the idea. China, Hong Kong and Singapore have pledged extra fiscal stimulus to counter the economic hit from the deadly coronavirus, with Beijing considering measures such as lowering corporate taxes.While Brent oil rallied by more than 5% last week amid speculation that the worst economic impacts of the virus may have been accounted for, Goldman Sachs Group Inc. slashed its 2020 crude-demand forecast almost in half and lowered its first-quarter price estimate by 16%. Sentiment remains cautious with Hubei, the Chinese province at the epicenter of the outbreak, reporting new cases and additional deaths.“What we saw last week was cautious optimism that the coronavirus spread could no longer be worsening, or could be contained within China,” said Vandana Hari, founder of Vanda Insights. “But that cautious optimism is not enough for crude to recover all the ground it has lost.”Brent for April settlement was 3 cents lower at $57.29 a barrel as of 1:42 p.m. in Singapore on the ICE Futures Europe exchange after falling as much as 0.9% earlier. The contract advanced 5.2% last week. The global benchmark crude traded at a premium of $4.91 to West Texas Intermediate.WTI for March delivery added 7 cents to $52.12 a barrel on the New York Mercantile Exchange. The contract rose 3.4% last week, the biggest weekly gain since December.See also: Seized Oil Cargo Is Latest Twist in Venezuela’s Political FightRussia has resisted Saudi Arabia’s efforts for a swift response to the virus, even after an OPEC+ committee recommended additional collective cutbacks of 600,000 barrels a day — on top of the 2.1 million already being made. Global oil demand is expected to decline this quarter for the first time in more than a decade, according to the International Energy Agency.China on Monday offered more funding to banks and cut the interest rate it charges for the money to cushion its economy. Singapore has also promised a “strong” package of budget measures and central banks in the Philippines, Thailand and Malaysia have cut interest rates as Asian economies grapple with the virus-induced slowdown.\--With assistance from James Thornhill and Serene Cheong.To contact the reporter on this story: Saket Sundria in Singapore at ssundria@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Ben Sharples, Andrew JanesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Oil Steady as Asian States Seek to Offset Virus Hit to Economies
(Bloomberg) -- Oil steadied near $57 a barrel in London as China and other Asian states promised economic stimulus to offset the impact of the coronavirus, buoying the outlook for fuel demand.Prices recovered more than 5% last week, the biggest gain since September, as some of the fears over how far the infection will hurt the global economy abated. China, Hong Kong and Singapore have pledged extra fiscal stimulus to counter the economic hit from the disease, with Beijing considering measures such as lowering corporate taxes.Brent for April settlement rose 1 cent to $57.33 a barrel as of 10:39 a.m. in London on the ICE Futures Europe exchange. West Texas Intermediate crude for March delivery added 6 cents to $52.11 a barrel on the New York Mercantile Exchange, after adding 3.4% last week, the biggest weekly gain since December.“Oil appears to have finally shaken off its bearish malaise,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. “Investors cheered a salvo of stimulus measures from China’s central bank aimed to mitigating the economic impact.”China on Monday offered more funding to banks and cut the interest rate it charges for the money. Singapore has also promised a “strong” package of budget measures and central banks in the Philippines, Thailand and Malaysia have cut interest rates as Asian economies grapple with the virus-induced slowdown.That’s offsetting any disappointment that OPEC and its partners have apparently dropped any plans for an emergency meeting to respond to the crisis. Russia, a pivotal member of the alliance known as OPEC+, has so far resisted a push by Saudi Arabia to launch fresh production cuts in response to the loss of demand.Traders are now likely to focus on whether the coalition announces new cutbacks at its scheduled meeting on March 5 to 6. A technical committee representing the producers recommended earlier this month that they should reduce supply by a further 600,000 barrels a day, on top of current curbs.Concerns over the impact of the virus remain strong as Hubei, the Chinese province at the epicenter of the outbreak, reporting new cases and additional deaths. Global oil demand is expected to decline this quarter for the first time in more than a decade, according to the International Energy Agency. Goldman Sachs Group Inc. slashed its 2020 crude-demand forecast almost in half and lowered its first-quarter price estimate by $10 a barrel.\--With assistance from James Thornhill, Serene Cheong and Saket Sundria.To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Christopher Sell, Alaric NightingaleFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Fading Hope for Emergency OPEC+ Meeting Caps Oil’s Advance
(Bloomberg) -- Oil was steady after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.While Saudi Arabia hasn’t given up on its push for the gathering this month, OPEC and its allies are likely to stick with a scheduled meeting in March after Russia balked at the idea. China, Hong Kong and Singapore have pledged extra fiscal stimulus to counter the economic hit from the deadly coronavirus, with Beijing considering measures such as lowering corporate taxes.While Brent oil rallied by more than 5% last week amid speculation that the worst economic impacts of the virus may have been accounted for, Goldman Sachs Group Inc. slashed its 2020 crude-demand forecast almost in half and lowered its first-quarter price estimate by 16%. Sentiment remains cautious with Hubei, the Chinese province at the epicenter of the outbreak, reporting new cases and additional deaths.“What we saw last week was cautious optimism that the coronavirus spread could no longer be worsening, or could be contained within China,” said Vandana Hari, founder of Vanda Insights. “But that cautious optimism is not enough for crude to recover all the ground it has lost.”Brent for April settlement was 3 cents lower at $57.29 a barrel as of 1:42 p.m. in Singapore on the ICE Futures Europe exchange after falling as much as 0.9% earlier. The contract advanced 5.2% last week. The global benchmark crude traded at a premium of $4.91 to West Texas Intermediate.WTI for March delivery added 7 cents to $52.12 a barrel on the New York Mercantile Exchange. The contract rose 3.4% last week, the biggest weekly gain since December.See also: Seized Oil Cargo Is Latest Twist in Venezuela’s Political FightRussia has resisted Saudi Arabia’s efforts for a swift response to the virus, even after an OPEC+ committee recommended additional collective cutbacks of 600,000 barrels a day — on top of the 2.1 million already being made. Global oil demand is expected to decline this quarter for the first time in more than a decade, according to the International Energy Agency.China on Monday offered more funding to banks and cut the interest rate it charges for the money to cushion its economy. Singapore has also promised a “strong” package of budget measures and central banks in the Philippines, Thailand and Malaysia have cut interest rates as Asian economies grapple with the virus-induced slowdown.\--With assistance from James Thornhill and Serene Cheong.To contact the reporter on this story: Saket Sundria in Singapore at ssundria@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Ben Sharples, Andrew JanesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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