Oil prices rose on Thursday, extending gains from its previous session, as the m...
SINGAPORE - Oil prices rose on Thursday, extending gains from its previous session, as the market shifted focus to supply disruptions, while demand concerns eased some after a sharp drop in new coronavirus cases at the epicenter of the outbreak.
Brent crude futures LCOc1 were up 14 cents, or 0.2%, to $59.26 a barrel by 0505 GMT, after climbing to as high as $59.71 earlier in the day. The international benchmark rose 2.4% on Wednesday.“The supply disruptions are helping to alleviate the virus impact, but it is probably premature to think the worst of the economic impact is by and large over,” said Stephen Innes, chief market strategist at AxiCorp.
“The oil market is starting to realize that as bad as the demand destruction is from the coronavirus, the lack of exports from Libya might be meeting the oil demand destruction barrel for barrel,” said Phil Flynn, an analyst at Price Futures Group in Chicago.
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