TOKYO (Reuters) - Oil prices climbed on Friday after Russia said it backs a recommendation for OPEC and other producers to deepen output cuts amid falling demand for crude as China battles the coronavirus epidemic that has hit global markets.
TOKYO (Reuters) - Asian stocks edged up on Thursday, cheered by record closes in Wall Street benchmarks after encouraging economic data, although investors kept a wary eye on the developments in the coronavirus outbreak.
TOKYO (Reuters) - Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China as a sign fuel demand may rebound in the world’s biggest oil importer.
Producers are beginning to feel the pinch as the price of rubber, a key Indonesian export commodity, has dropped sharply in the wake of the coronavirus outbreak. The price of rubber fell from Rp 9,200 to Rp 7,200 per kilogram over the past few weeks as the virus affects trade between Indonesia and China.
Prices for commodities from natural rubber to coal have plunged in February because of decreasing demand from China, where the new coronavirus outbreak is expected to further drag down prices.
SINGAPORE (Reuters) - Oil prices climbed more than 1% on Wednesday, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus.