Oil prices slip as OPEC+ considers coronavirus action - Reuters

Oil prices slip as OPEC+ considers coronavirus action - Reuters:

Oil futures gave up early gains on Thursday despite potential action from the OPEC+ group of producers to counter an expected fall in oil demand as a consequence of the coronavirus outbreak.

A OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd), though Russia has yet to declare its position on the matter, two sources said.

Brent futures were down 31 cents at $54.97 a barrel by 1325 GMT while U.S. West Texas Intermediate (WTI) futures were little changed at $50.76.

The Joint Technical Committee (JTC) is not a decision-making body but does advise the OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia.