Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OP...
LONDON - Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OPEC and its allies to offset any potential drop in demand triggered by the coronavirus outbreak.
Tuesday’s gains marked a rebound after an extended slide over the last two weeks on concern over the global economic impact of China’s coronavirus, which pushed crude prices on Monday to their lowest level in more than a year. People familiar with the matter told Reuters on Monday that the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, were considering cutting crude output by a further 500,000 barrels per day due to the impact on demand from the coronavirus.
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