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

Financial Post | Feb 14, 2020 at 4:43 AM
  • 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.
  • U.S. West Texas Intermediate (WTI) futures were 4 cents higher at $51.46 a barrel.