empty
 
 

2020.02.1819:15:00UTC+00Crude Oil Futures Settle Flat

Crude oil futures ended flat on Tuesday with traders weighing the impact of the coronavirus on global energy demand and OPEC and allies' move on production cuts.

Lingering worries about the economic impact of the coronavirus outbreak and the recent downward revision in energy demand forecast by the International Energy Agency (IEA) weighed on crude oil prices.

West Texas Intermediate crude oil futures for March ended at $52.05 a barrel, unchanged from previous close.

Brent crude futures edged up marginally to $57.75 a barrel.

Last week, the IEA said oil demand may fall by 435,000 barrels per day in the first quarter of this year, compared to the year-ago quarter.

OPEC and allies have been considering deeper production cuts in order to support prices. The group entered into a pact last year to cut oil output by 1.7 million barrels per day till March 2020.

The group is scheduled to meet in early March in Vienna to consider a recommendation to cut supply by a further 60,000 barrels per day.

Meanwhile, a report from the Energy Information Administration (EIA) expects crude oil production from seven major U.S. shale plays to climb by 18,000 barrels a day in March to 9.175 million barrels a day.

The report said oil output from the Permian Basin is expected to see an increase of 39,000 barrels a day in March, compared to February. Shale oil output from the Anadarko, Appalachia, Bakken and Niobrara regions, however, are expected to see monthly declines, the report showed.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback