OPEC’s battle to support oil prices as China’s coronavirus spreads internationally shows the producer group is struggling to wield the same influence over global crude markets, energy analysts have told CNBC.
It comes amid speculation that OPEC and non-OPEC producers, sometimes referred to as OPEC+, could extend production cuts if the intensifying outbreak of the coronavirus hampers oil demand growth.
International benchmark Brent crude traded at $59.85 a barrel Wednesday afternoon, up over 0.6%, while U.S. West Texas Intermediate (WTI) stood at $53.59, around 0.2% higher.
