According to Angel Broking, On Thursday, WTI Crude prices ended higher by 0.49 percent to close at $51.4 per barrel after OPEC+ stated that they would further trim their output to counter the slumping demand due to the coronavirus outbreak in the major Crude consumer, China.
Angel Broking's report on Crude Oil
On Thursday, WTI Crude prices ended higher by 0.49 percent to close at $51.4 per barrel after OPEC+ stated that they would further trim their output to counter the slumping demand due to the coronavirus outbreak in the major Crude consumer, China. However, the uptrend was limited after the death toll in China continued to rise which raised worries of economic fallout in their economy. As per Reuters poll of economists, China’s economy will grow at its least pace since the financial crisis in the current quarter reflecting the Coronavirus impact which might hamper the demand prospects for Crude. Even the International Energy Agency (IEA) forecasted that oil demand in the first quarter of 2020 will fall for the first time in a decade.
Outlook
Worries over the Coronavirus impact might dent the demand prospects for fuel and weigh on the prices. However, excessive supply cuts by OPEC+ might limit the downfall. On the MCX, oil prices are expected to trade lower today.
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