Oil, gas and mining

Coronavirus fears hit oil markets – Financial Derivatives

NWACHUKWU MARVELLOUS, FINANCIAL DERIVATIVES COMPANY – The coronavirus continues to send panic through global markets. Although Oil prices turned positive with WTI trading close to $54 and Brent just above $59.With tens of millions of people essentially locked down in China, oil demand is expected to take a hit. The sharp drop in oil prices over the past week and fears about a renewed oil supply surplus has OPEC+ turning on the rumor mill again. An OPEC source says that the group will consider extending the cuts until June, while other source said the group might also consider a deeper cut from current levels. The current deal expires in March.

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