Home Business OPEC discusses coronavirus as Chinese oil demand slumps

OPEC discusses coronavirus as Chinese oil demand slumps


World stock markets are up for a second day, as fears over China’s coronavirus epidemic faded somewhat and measures by the country’s central bank helped calm nerves.

The FTSE 100 index in London is 1.48% ahead while Germany’s Dax is 1.52% higher and France’s CAC has gained 1.42%. On Wall Street, the Dow Jones has climbed 1.32%, the Nasdaq is up 1.23% and the S&P 500 has risen 1.17%. Asian markets saw similar gains.

Sterling has recovered after falling sharply yesterday and this morning on hard Brexit fears, below $1.30. It is now at up 0.19% at $1.3016, and 0.34% higher against the euro at €1.1787. A stronger construction survey helped lift the pound.

And in Vienna, technical experts from the Opec oil cartel and its allies including Russia are meeting to discuss potential production cuts. Chinese fuel consumption has slumped following the virus outbreak. Any cuts to supply would only be announced at a meeting of energy ministers, according to Iraq’s oil ministry spokesman Assem Jihad. Ministers could hold an emergency meeting in mid-February.

With this, we are saying good-bye. We’ll be back tomorrow.



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