Oil Prices Rise Despite Virus Spread – 25 February, 2020

Fears of the fast spreading coronavirus were not enough to stop the prices of oil from rising as production in Libya halts on blocked ports. Brent crude was up 42 cents or 0.8% to $55.37 per barrel, while U.S. West Texas Intermediate rose 43 cents or 0.9% to $50.33 per barrel. The virus has now claimed 16 lives in Yemen, the highest death toll outside of China, and has U.S. officials warning that a global pandemic is inevitable. OPEC countries and their allies are scheduled to meet at the beginning of March to talk about the future of the cuts they’ve been making to level out global supply as the virus wrecks havoc on economies and U.S. production continues to rise.