Energy

Oil prices stabilize, set for weekly gain on hopes for supply cut

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A kayaker passes in front of an offshore oil platform in the Guanabara Bay in Niteroi, Brazil, Saturday, Feb. 1, 2020.

Dado Galdieri | Bloomberg | Getty Images

Oil prices were steady on Friday, but set for their first weekly gain in six weeks on the assumption that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.

Brent crude futures were 1 cent higher at $56.35 a barrel by 0439 GMT, after gaining 1% the previous session. Brent is 3.4% higher for the week, the first increase since the week of Jan. 10.

U.S. West Texas Intermediate (WTI) futures were 4 cents higher at $51.46 a barrel. The contract rose 0.5% on Thursday and…



Source cnbc.com

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