Russia has been forced to seek alternative forms of revenue since the imposition of western sanctions. Credit: ronaldlau from Pixabay.

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Oil prices have remained steady as the coronavirus covid-19-related demand worries have been offset by production cuts from major companies.

According to Reuters, Brent crude futures were $0.05 down at $57.27 a barrel. US West Texas Intermediate (WTI) crude rose $0.03 to $52.08 a barrel.

Last week, the International Energy Agency (IEA) reported that oil demand may decline by 435,000 barrels per day (bpd) in the first quarter of this year due to the coronavirus covid-19.

OANDA Singapore senior market analyst Jeffrey Halley said: “Oil remains acutely vulnerable to both excess supply and the economic coronavirus-induced slowdown in China and other parts of Asia.”

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Oil prices rose last week for the first time since the first week of January. Analysts attributed this to optimism that Chinese economic stimulus measures could lead to a recovery in oil demand in China.

The death toll from the virus has reached 1,383, including one in Japan. The number of cases of infection has increased to 64,429 globally as of the end of 13 February. The total number of disease recoveries stood at 6,886.

Reuters quoted analysts as saying: “We expect the data to be weak but if they are better-than-expected then industrial commodity prices could see further gains.”

Meanwhile, investors anticipate that the OPEC+ Group will approve a plan to deepen production cuts. They believe this will support oil prices and tighten supplies worldwide.

The group has already signed an agreement to cut oil output by 1.7 million barrels per day (Mbpd) until the end of next month.