Crude prices edged up on Wednesday as investors covered short positions after th...
TOKYO - Crude prices edged up on Wednesday as investors covered short positions after three sessions of losses, even as fears deepened that the rapid spread of the coronavirus will lead to a global pandemic.
Fears of a pandemic escalated after the coronavirus spread to more countries, while Iran’s virus death toll rose to 16, the highest outside China, and infections worsened in South Korea and Italy. “The reduction in Libya’s output and expectations for additional production cuts by the Organization of the Petroleum Exporting Countries and OPEC+ are also lending support,” he said.
Saudi Arabia’s energy minister said on Tuesday he was confident that OPEC and its partners would respond responsibly to the spread of the coronavirus.
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