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mazri_2008

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Oil Prices Hold Steady After Last Week's Rally

Oil prices held steady on Monday as coronavirus-related worries persisted and data showed the Japanese economy shrank at the fastest pace in six years in the December quarter, raising fresh worries about a slowdown in oil demand. Benchmark Brent crude slid 0.1 percent to $57.28 a barrel, after climbing more than 5 percent last week to post its biggest weekly gain since September 2019.

U.S. West Texas Intermediate crude futures were up 0.1 percent at $52.37, after having risen 3.4 percent last week. The death toll of the deadly virus in China has reached 1,765 people after another 100 deaths were reported in Hubei. An additional 99 people have tested positive for the deadly virus on a cruise ship off the Japan coast, Japanese media said today, citing new figures from the health ministry.

China's central bank pumped 100 billion yuan (about 14.33 billion U.S. dollars) into the financial system today through reverse repos in a bid to improve liquidity in the system. The central bank also injected 200 billion yuan into the market via medium-term lending facility as China continues to battle the outbreak of the deadly Coronavirus. China's Finance Minister has unveiled plans to roll out targeted and phased tax and fee cuts to help relieve difficulties for businesses.

Elsewhere, Japan's gross domestic product was down an annualized 6.3 percent in the fourth quarter of 2019, the Cabinet Office said in a preliminary report. That was well shy of expectations for a decline 3.8 percent following the 0.5 percent increase in the three months prior. On a seasonally adjusted quarterly basis, GDP sank 1.6 percent - again missing forecasts for a decline of 1.0 percent following the 0.1 percent gain in the third quarter. Japan industrial production rose at a softer pace in December, than in the initial estimate, final data from the Ministry of Economy, Trade and Industry revealed. Industrial production rose a seasonally adjusted 1.2 percent month-on-month in December. In the initial estimate, production increased 1.3 percent. Singapore cut its 2020 growth and exports forecasts due to the new coronavirus outbreak.
 
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Oil Prices Fall Over 1 Percent On Demand Worries

Oil prices fell over 1 percent on Tuesday as investors continued to focus on a possible drop in Chinese oil demand caused by the impact of the coronavirus (Covid-19).

A lack of any coordinated action by OPEC and its allies to support the market also weighed on the commodity. Global oil demand is now expected to see its first quarterly contraction in over a decade, according to the International Energy Agency (IEA).

The next OPEC+ meeting in March is set to consider an advisory panel's recommendation to lower supply by a further 600,000 bpd after talks on holding an earlier meeting in February appear to have made no progress. Benchmark Brent crude declined 1.55 percent to $56.78 a barrel after rallying in the previous five sessions.

U.S. West Texas Intermediate crude futures were down 1.4 percent at $51.59. Investor sentiment remains fragile after Apple Inc became the latest company to warn of trouble from the coronavirus outbreak, saying it would not meet its guidance for March-quarter revenue because of slower iPhone production.

Health officials in China published the first details on nearly 45,000 cases of coronavirus infection, saying more than 80 percent cases have been mild and new ones seem to be falling since early this month. Separately, the World Health Organization (WHO) said that - with a mortality rate of around 2 percent -- COVID-19 was "less deadly" than other coronaviruses such as Severe Acute Respiratory Syndrome (SARS) or Middle East Respiratory Syndrome (MERS).
 

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Crude Oil Futures Settle Flat Crude oil futures ended flat

on Tuesday with traders weighing the impact of the coronavirus on global energy demand and OPEC and allies' move on production cuts. Lingering worries about the economic impact of the coronavirus outbreak and the recent downward revision in energy demand forecast by the International Energy Agency (IEA) weighed on crude oil prices.

West Texas Intermediate crude oil futures for March ended at $52.05 a barrel, unchanged from previous close. Brent crude futures edged up marginally to $57.75 a barrel. Last week, the IEA said oil demand may fall by 435,000 barrels per day in the first quarter of this year, compared to the year-ago quarter. OPEC and allies have been considering deeper production cuts in order to support prices.

The group entered into a pact last year to cut oil output by 1.7 million barrels per day till March 2020. The group is scheduled to meet in early March in Vienna to consider a recommendation to cut supply by a further 60,000 barrels per day. Meanwhile, a report from the Energy Information Administration (EIA) expects crude oil production from seven major U.S. shale plays to climb by 18,000 barrels a day in March to 9.175 million barrels a day.

The report said oil output from the Permian Basin is expected to see an increase of 39,000 barrels a day in March, compared to February. Shale oil output from the Anadarko, Appalachia, Bakken and Niobrara regions, however, are expected to see monthly declines, the report showed.
 

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Oil Prices Rally On Supply Concerns

Oil prices rose over 1 percent on Wednesday, with Brent climbing for a seventh day running, after the United States imposed tough economic sanctions against a Russian oil giant that is keeping Venezuela's ruling government afloat. Benchmark Brent crude jumped 1.45 percent to $58.58 a barrel, while U.S. oil futures were up 1.4 percent at $53.01.

The U.S. has sanctioned Rosneft PJSC, a unit of Russia's largest oil producer, for maintaining ties with Venezuela's Nicolas Maduro and state-run oil company PDVSA. The move representing the latest escalation in the Trump administration's campaign to oust Maduro and rally international support behind Venezuelan opposition leader Juan Guaido raised concerns over supply. Markets also cheered data showing a slight decline in new coronavirus cases for the second day running. According to the National Health Commission, mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, down from 1,886 cases a day earlier and the lowest since Jan. 29. Meanwhile, speculation is rife that China will cut its benchmark loan prime rate Thursday to offset the economic damage caused by the coronavirus outbreak.
 

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Oil Futures Settle Sharply Higher

Crude oil prices rose sharply on Wednesday as concerns about the outlook for energy demand eased after reports said the number of coronavirus cases fell down for a second straight day in China. Expectations that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers will deepen output cuts, and the U.S. decision to cut more Venezuelan crude from the market contributed as well to the rise in crude oil prices.

West Texas Intermediate Crude oil futures for March ended up $1.24, or about 2.4%, at $53.29 a barrel. Brent crude oil futures climbed up $1.58, or about 2.7%, to $59.33 a barrel. On Tuesday, WTI crude oil futures ended flat at $52.05 a barrel. The U.S. has sanctioned Rosneft PJSC, a unit of Russia's largest oil producer, for maintaining ties with Venezuela's Nicolas Maduro and state-run oil company PDVSA.

The move representing the latest escalation in the Trump administration's campaign to oust Maduro and rally international support behind Venezuelan opposition leader Juan Guaido raised concerns over supply. According to the National Health Commission, mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, down from 1,886 cases a day earlier and the lowest since Jan. 29. Expectations that the Chinese central bank will cut its benchmark loan prime rate on Thursday to offset the economic damage caused by coronavirus outbreak raised hopes about a likely increase in energy demand from China.
 

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pedagang minyak boleh la rujuk thread ni hari-hari update perkembangan semasa pasal minyak dunia
 
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