2/12, 3:46 PM (Source: TeleTrader)
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Oil soars over 3% as OPEC cuts demand forecast

Prices of oil surged further on Wednesday following the Organization of Petroleum Exporting Countries (OPEC) decision to lower its global demand estimates for 2020 due to the coronavirus outbreak.

The new forecast saw the demand growing at an average rate of 100.73 million barrels per day, a drop of 230,000 barrels per day compared to the previous expectations. Meanwhile, Chinese Hubei authorities confirmed that the death toll from the infection reached 1,100 as of Thursday.

West Texas Intermediate for March settlement surged 3.32% at 9:43 am ET to go for $51.65 per barrel, while Brent for April delivery climbed 3.39% at the same time, trading for $56.09 per barrel.

Breaking the News / GA