2/14, 9:59 AM (Source: TeleTrader)
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Oil holds steady on supply cuts optimism

Prices of crude stabilized around the flat line, on course for the first weekly gain in six weeks. Investor sentiment, however, remained cautious due to the coronavirus' rapid spread.

Fears of declining demand have been fueled further by the International Energy Agency's recent projections that the demand for crude would drop by 435,000 barrels a day in the first quarter of 2020, the first such estimate in over a decade.

Investor optimism appeared spurred only by the possibility of further OPEC+ output cuts. The cartel of oil-producing nations is widely expected to trim the output of crude up to 2.3 million barrels per day in an effort to curb supply.

West Texas Intermediate futures for March delivery retreated 0.06% at 3:44 am ET to $51.49 per barrel. Spot month contract has lost nearly 20% since the latest peak in early January but has managed to stay up 2.30% for the week. Brent contracts for April settlement traded 0.12% below the flat line, changing hands for $56.41 at 3:47 am ET, 3.58% higher for the week so far.

Breaking the News / GG