Oil prices fell sharply in response to a dramatic drop in prompt crude demand from China, much of which remains in the grip of the coronavirus. Atlantic basin North Sea Dated registered the steepest losses of the three global benchmarks, falling by $3.66/bl to $54.08/bl in the week to 6 February. Mideast Gulf marker Dubai fell by $2.10/bl to $54.50/bl, while US benchmark WTI slipped by $1.19/bl to $50.95/bl. Markets rallied slightly after the Opec+ Joint Technical Committee (JTC) provisionally agreed on 6 February to recommend a production cut of 600,000 b/d in the second quarter, after convening an emergency meeting to discuss ways to counter the impact of falling Chinese demand on prices.
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