OIL PRICES MIXED AS DEMAND CONCERNS OUTWEIGH OUTPUT CUT EXPECTATIONS….LIVE NEWS UPDATE BY ROYAL TRADERS

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Oil prices were mixed on Thursday as concerns about falling demand caused by travel restrictions tied to the coronavirus outbreak in China, the world’s biggest oil importer, outweighed expectations of supply cuts from major producers.

Brent crude (LCOc1) fell 8 cents, or 0.1%, to $55.71 per barrel at 0533 GMT. U.S. West Texas Intermediate (WTI) rose 7 cents, or 0.1%, to $51.24 a barrel. Brent rose 3.2% on Wednesday while WTI gained 2.5% as a slowdown in new Chinese coronavirus cases boosted expectations of a demand recovery.

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