Oil rises amid possibility that OPEC may extend production cuts

Oil prices rose for a second day in a row today to recover some losses after a five-day conversation that OPEC could extend oil production cuts if the Corona virus affected oil demand in addition to lower US crude stocks.

Brent crude futures rose 1% to $ 60.09 a barrel as U.S. West Texas Intermediate crude futures rose 1% to $ 54.03 a barrel, US data showed that crude oil inventories fell by 4.3 million barrels last week while gasoline stocks increased by 3.3 million Barrel.

OPEC sources said that OPEC wants to extend oil production cuts until at least June, and these cuts may deepen if oil demand in China falls dramatically due to the spread of the virus to stabilize prices amid questions about global demand expectations