Oil prices rose for a second day on Wednesday amid preliminary signs that new co...
SEOUL - Oil prices rose for a second day on Wednesday amid preliminary signs that new coronavirus cases are slowing in China, easing concerns over the demand impact from the disease in the world’s second-largest oil consumer.
Brent crude LCOc1 was up 73 cents, or 1.3%, at $54.75 per barrel at 0137 GMT. U.S. West Texas Intermediate CLc1 rose 46 cents, or 0.9%, to $50.39. Bans on travel to and from China and on the movement of goods inside the country have cut fuel usage. The two biggest Chinese refiners have said they will reduce their processing by about 940,000 barrels per day as a result of the consumption drop, or about 7% of their 2019 processing runs.
The U.S. Energy Information Administration on Tuesday cut its global oil demand growth forecast for this year by 310,000 bpd as the virus outbreak crimps oil consumption in China, the world’s second-largest economy.
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