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Energy Summary for Jan. 28, 2020

2020-01-28 20:00 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 34 cents to $53.48 on the New York Merc, while Brent for March added 19 cents to $59.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.90 to WTI, down from a discount of $21.75. Natural gas for February added three cents to $1.93. The TSX energy index added a fraction to close at 133.61.

Oil prices broke a five-trading-day losing streak related to concerns about the effect of China's new coronavirus on global demand. Unidentified OPEC sources told Reuters today that the cartel and its allies, together known as OPEC+, will consider extending or deepening their production-cutting pact at their upcoming meeting in early March. The current cuts extend to the end of March. "A further extension is a strong possibility and a deeper cut is a possibility," said one source. Another added that an extension to June is "highly possible," while some within the group are calling for the cuts to run all the way to the end of the year.

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