Oil prices extended gains on Wednesday as China reported its lowest daily number...
SEOUL - Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic.
According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 30. Still, international experts remained cautious over forecasting when the outbreak might reach a peak. The demand concerns from the outbreak pushed Brent and WTI to their lowest in 13 months on Monday. Both benchmarks are down more than 20% from highs reached in January.
Contango spread in Brent LCoC1-LCoc2 is unchanged at 15 cents per barrel from a week earlier, while the WTI contango is at 24 cents a barrel, from 17 cents last week.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China central bank gives greenlight to Mastercard's China JV for clearing businessChina's central bank gives green light to Mastercard's China JV for clearing business
Read more »
Oil rises from 13-month low as new virus cases slowOil rose to $54 a barrel on Tuesday, recovering from a 13-month low as the numbe...
Read more »
Oil prices rise as new virus cases slow, easing Chinese demand concernsOil prices rose for a second day on Wednesday amid preliminary signs that new co...
Read more »
Oil Prices Could Fall Much Further As Russia Refuses Additional Production CutsFollowing OPEC production cuts in late 2019, the outlook for oil in 2020 was fairly positive. But just a month into 2020, the coronavirus has wreaked havoc on the oil markets
Read more »
Coronavirus to hit Canadian economy, affect oil prices, tourism: finance ministerThe spreading coronavirus outbreak will hit the Canadian economy, in particular ...
Read more »
The coronavirus is a 'black swan' for oil and energy markets, says Ned Davis ResearchNed Davis Research said the coronavirus outbreak is a 'black swan' event for the oil and energy space, and that there could be more downside ahead.
Read more »