The coronavirus is denting Chinese oil demand, which may fall by 3-million bpd
London — Oil prices edged higher on Friday on hopes that oil cartel Opec and other producers led by Russia may cut their output further amid falling demand for crude as China battles the coronavirus epidemic.
Russian foreign minister Sergei Lavrov said on Thursday that Moscow supports co-operation with other producers. Energy minister Alexander Novak said on Friday, however, that Russia needed a few days to analyse the oil market and would clarify its position on deeper cuts next week. Prices came off earlier highs in the session after China’s central bank governor said the world’s second-biggest economy may experience disruptions in the first quarter.
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