Oil Falls As Deeper Cuts Are Uncertain – 5 March, 2020

The concern over global oil demand caused by the rapidly spreading coronavirus and non OPEC producers on the fence about cutting output caused the commodity to fall nearly 1%. U.S. West Texas Intermediate dropped 38 cents or 0.83% to $45.52 per barrel, while Brent crude futures was down 48 cents or 0.96% to $49.51 per barrel. OPEC has been trying to push for a 1.5 million barrel per day output cut, while non OPEC producers are expected to cut an additional 500,000 barrels per day, though a decision still hasn’t been made as risks are weighed.