Analysts said that both Riyadh and Moscow will be looking other countries’ participation, especially the US. Credit: James Armbruster from Pixabay.

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Oil prices have increased due to speculation that oil-producing countries are moving toward deeper production cuts. The cuts agreement aims to increase prices, which tumbled during the outbreak of coronavirus.

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According to Reuters, Brent crude was up $0.30 to $52.16 per barrel. Meanwhile, US West Texas Intermediate (WTI) futures increased by $0.32, to $47.50 a barrel.

Members of the Organisation of the Petroleum Exporting Countries (OPEC) will meet in in Vienna, Austria on 5 and 6 March. Saudi Arabia and others are expected to attempt to persuade Russia to join them in further oil output cuts.

According to data from industry group the American Petroleum Institute (API), US crude oil inventories rose last week. The trade body also reported a fall in gasoline and distillate stocks.

Inventories of crude increased by 1.7 million barrels at the same time, to 446.6 million barrels.

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FXTM market analyst Han Tan said: “With demand-side uncertainties having already dragged Brent futures about 19% lower since the start of the year, oil’s upside appears significantly capped amid persistent concerns over the coronavirus outbreak.”

Investment bank Goldman Sachs cut its Brent price forecast to $45 for April, expecting it to return to $60 before December.

Analysts at the bank told India’s The Hindu: “It will take sustained curtailed OPEC+ production – rather than global synchronized rate cuts – to help prices gradually recover from April onwards.”

The death toll from the virus has increased to more than 3,200 worldwide as of the end of 3 March.

The number of recoveries has increased to about 50,000. The total global confirmed cases have passed 93,000.