OPEC+ Response to Virus Has Oil Rising While China Cuts Tariffs
By Sharon ChoBLOOMBERG6 בפברואר 2020, 01:14 GMT+2
Producer group extends talks on outbreak impact into third day
WTI futures have jumped more than 4% since Tuesday’s close
Oil surged for a second day on optimism OPEC+ will agree on deeper cuts in response to virus-led demand destruction, and as China signaled it will cut tariffs on $75 billion of imports from the U.S. later this month.
While Saudi Arabia and Russia are split over the threat the outbreak poses to global consumption, talks between experts from the OPEC+ coalition have been extended into a third day as they seek to determine the impact on demand. China said it will halve tariffs on $75 billion of U.S. imports, including oil, from Feb. 14 following the phase-one trade deal signed last month.