Oil Clinches Gain After OPEC+ Committee Recommends Supply Cut
By Jacqueline Davalos
3 มีนาคม 2563 06:15 GMT+7 Updated on 4 มีนาคม 2563 05:03 GMT+7
Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut
to offset lost demand from the spread of the coronavirus.
Crude futures rose 0.9% in New York on Tuesday.
Ahead of OPEC meetings later this week, the group’s Joint Technical Committee recommended
an output cut of 600,000 to 1 million barrels a day.
The proposal helped insulate oil from a broader market decline that followed an emergency rate cut
by the U.S. Federal Reserve, which investors worried wouldn’t be enough to thwart the economic impacts of the virus.
“Today’s rally is about OPEC,” says Andrew Lebow, senior partner at Commodity Research Group.
“It looks like they’ll make a substantial cut and it could bring the oil market closer to equilibrium.”
https://www.bloomberg.com/news/articles/2020-03-02/oil-extends-rally-on-hopes-for-opec-g7-response-to-virus 
Oil Clinches Gain After OPEC+ Committee Recommends Supply Cut
By Jacqueline Davalos
3 มีนาคม 2563 06:15 GMT+7 Updated on 4 มีนาคม 2563 05:03 GMT+7
Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut
to offset lost demand from the spread of the coronavirus.
Crude futures rose 0.9% in New York on Tuesday.
Ahead of OPEC meetings later this week, the group’s Joint Technical Committee recommended
an output cut of 600,000 to 1 million barrels a day.
The proposal helped insulate oil from a broader market decline that followed an emergency rate cut
by the U.S. Federal Reserve, which investors worried wouldn’t be enough to thwart the economic impacts of the virus.
“Today’s rally is about OPEC,” says Andrew Lebow, senior partner at Commodity Research Group.
“It looks like they’ll make a substantial cut and it could bring the oil market closer to equilibrium.”
https://www.bloomberg.com/news/articles/2020-03-02/oil-extends-rally-on-hopes-for-opec-g7-response-to-virus