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OIL
OIL: Coronavirus worry weighed on crude on Thursday, before the late equity
rally allowed the major benchmarks to reverse a chunk of yesterday's losses,
with WTI +$1.10 and Brent $0.90 better off at writing, building on the
post-settlement gains during Asia hours.
- Thursday saw BBG sources note that while Saudi is pushing to roll the next
OPEC+ meeting forward into Feb (from March) owing to the Coronavirus outbreak,
Russia is against such a move.
- Elsewhere, indications were given on Thursday re: Russia's crude output
ticking up in Jan (M/M).
- Also worth flagging a recently released Wood Mackenzie report, which has
suggested that Chinese crude demand may fall by over 250K bpd in Q1.
- Baker Hughes rig count data is due later today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com