DOW Jones Interview

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February 10, 2020
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DOW Jones Interview

10-Feb-2020 02:55PM, DJ Oil Falls Sharply as Russia Dithers on Cuts — Market Talk

1455 ET – US oil prices end at their lowest level in 13 months as Russia remains undecided on whether to get on board with an OPEC+ proposal to cut production an additional 600k bpd to offset weakening global demand due to the coronavirus in China and beyond. Peter Cardillo at Spartan Capital says the market may keep driving prices lower to essentially force Russia’s hand. “The bear market sentiment continues to intensify as uncertainties over the Coronavirus continue unabated,” Cardillo says. “We think a $45 oil price may be needed for Russia to join the Saudis.” WTI ends the session 1.5% lower at $49.57/bbl, the lowest since Jan. 7, 2019. (dan.molinski@wsj.com)