According to Reuters, Brent crude futures were up $0.06 at $56.40 a barrel. Credit: Geof Wilson.

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Oil prices have risen slightly and are on course for weekly gain supported by hopes of deeper output cuts by key producers.

According to Reuters, Brent crude futures were up $0.06 at $56.40 a barrel. US West Texas Intermediate (WTI) futures were also up by $0.03 at $51.45 a barrel.

OANDA senior market analyst Edward Moya said: “Oil prices appear to have stabilised this week on optimism that OPEC+ will once again do whatever it takes to tighten output and on hope that the coronavirus peak is nearing.”

The OPEC+ Group plans to cut output by up to 2.3 million barrels per day (Mmbpd) because of the fall in demand.

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According to the International Energy Agency (IEA), oil demand will fall in the first quarter of this year.

ING analyst Warren Patterson said: “Given the strength seen in the market this week, it suggests participants were factoring in even larger demand hits as a result of COVID-19 (the coronavirus).”

Meanwhile, the World Health Organisation (WHO) has officially named the new strain of coronavirus ‘Covid-19’.

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.