Oil prices extended gains on Tuesday on expectations that central banks will pro...
LONDON - Oil prices extended gains on Tuesday on expectations that central banks will provide financial stimulus to offset the impact of the coronavirus outbreak and on growing optimism that OPEC will order deeper output cuts this week.
Brent and WTI have rebounded somewhat over the past two days after sliding more than 20% from their January peak on signs the spread of the coronavirus had dented fuel demand. G7 finance ministers will also discuss this week how best to cushion the impact of the outbreak on economic growth, French Finance Minister Le Maire said on Monday. That is occurring as other major central banks have promised monetary and fiscal stimulus.
OPEC and its allies, a group known as OPEC+, are expected to announce deeper output cuts at their meeting on March 5-6 in Vienna. The group had agreed to cut output by 1.7 million bpd in a deal that runs to the end of March.
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