Opec to meet to discuss output cuts amid hopes for co-ordinated G7 action to lift markets to counter the negative effects of the coronavirus
London — Oil prices extended gains on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that oil cartel Opec will order deeper output cuts this week.
Brent and WTI have rebounded somewhat over the past two days from a more than 20% drop from their January 2020 peak on signs the spread of Covid-19 had dented fuel demand. This week, G7 finance ministers will also discuss how best to cushion the negative effects of the outbreak on economic growth, French finance minister Bruno Le Maire said on Monday. That is occurring as other major central banks have promised monetary and fiscal stimulus.
With lingering worries over oil demand amid the virus outbreak, several key members of Opec are mulling a bigger oil output cut of possibly 1-million barrels per day . The previous proposal was for an additional reduction of 600,000 bpd.
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