Oil prices rose nearly 1% on Thursday, extending big gains from a day earlier, a...
SINGAPORE - Oil prices rose nearly 1% on Thursday, extending big gains from a day earlier, as the market worried about crude supply disruptions and demand concerns were cushioned after a sharp drop in new coronavirus cases at the epicenter of the outbreak.
Brent crude futures LCOc1 rose 45 cents, or 0.8%, to $59.57 a barrel by 0208 GMT. The international benchmark rose 2.4% on Wednesday. “Libya was exporting 1.2 million barrels a day. That is more than the demand destruction estimates of about 400,000 barrels a day to about 1 million a day,” Flynn said.
“Tension in Libya continues to threaten supply... The U.S. sanctioned Russia’s largest producer, which could further tighten the supply to Asian markets. Both of these developments could mitigate demand losses related to the coronavirus,” ANZ Bank said in a note.
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