Brent crude futures were down $0.15 to $53.63 a barrel, reported Reuters. Credit: AdmiralFox from Pixabay.

Visit our Covid-19 microsite for the latest coronavirus news, analysis and updates

Follow the latest updates of the outbreak on our timeline.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Oil prices have fallen as oil demand in China has weakened following the coronavirus outbreak.

Traders are waiting to see if Russia will join OPEC+ group to make further cuts to balance the market.

According to Reuters, Brent crude futures were down $0.15 to $53.63 a barrel. US West Texas Intermediate (WTI) futures fell $0.17 cents to $50.15 a barrel.

Reuters said that supply worries have not eased. This follows Russia’s announcement that it requires more time to decide whether to implement the supply curbs recommended by OPEC+ group. These would cut production by a further 600,000 barrels per day (bpd).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Since January 2019, OPEC+ has been implementing production cuts of 1.2 million barrels per day (Mmbpd).

Russia Energy Minister Alexander Novak said that Moscow needed more time to assess the situation. Novak also added crude production growth in the US would slow down.

Algerian Oil Minister Mohamed Arkab said: “The coronavirus epidemic has a negative impact on economic activities, especially on the transport, tourism and industry, in China particularly, and also increasingly in the Asian region and gradually in the world.”

Meanwhile, Reuters said that oil traders have concerns that the proposed supply cuts will be insufficient. This comes as China’s refiners indicated that they would be reducing production by around 940,000bpd this month.

The death toll from coronavirus has reached 910, including the one reported in the Philippines. The number of cases of infection has increased to 40,546 globally as of the end of 9 February. This is an increase of 97 new deaths from the day before.