Oil On Track To Gain For The Week, Currently Steady – 13 February, 2020

Expectations of deeper oil output cuts to balance out slowing demand helped prices steady with optimism they will have their first weekly gain in six weeks. Brent crude futures dipped 9 cents to $56.25 per barrel, having gained 1% the previous session, however they are still on track for a 3.3% gain for the week. U.S. West Texas Intermediate crude futures shed 1 cent to $51.41 per barrel, having gained 0.5% the previous session and now on track for a 2.2% increase for the week. Concerns over the demand of oil and oversupplies have caused prices to drop, with the coronavirus outbreak causing a slowdown in economic activity. OPEC countries and their allies have been discussing potentially cutting output by 2.3 million barrels per day to level out the drop in demand.