Oil mixed as virus fears, U.S. stock build face talk of further OPEC cuts - Reuters

Oil mixed as virus fears, U.S. stock build face talk of further OPEC cuts - Reuters:

Oil prices were mixed on Wednesday as worries about the coronavirus outbreak and swelling U.S. crude inventories weighed on prices, counter-balanced by talk that OPEC could extend oil output cuts.

Brent crude LCOc1 rose 30 cents, or 0.5%, to settle at $59.81 per barrel. U.S. crude Clc1 ended at $53.33, down 15 cents or 0.3%. 


Financial markets are trying to assess economic fallout as the virus spreads out of China where the death toll continues to rise, while airlines cut flights to China. 


“Following the outbreak of coronavirus, commodities markets suffered from a technical selloff,” said Michel Salden, senior portfolio manager of Vontobel Asset Management. But oil prices would likely rebound soon after a 14% drop so far, far more than the fall in stock markets.