The optimism outweighed Goldman Sachs Group Inc slashing its crude demand growth forecast for this year almost in half and lowering its first-quarter oil price estimate by 16 percent. “There’s no doubt this rally will inspire more confidence for oil markets,” KeyBanc Capital Markets Inc analyst Leo Mariani said. The past two weeks have been rife with uncertainty for oil markets as Riyadh’s push for an early meeting this month and fresh production cuts face an impasse with Russia. The outbreak has intensified concerns about crude demand, prompting technical experts from the coalition to propose deepening supply cuts by 600,000 barrels per day to relieve excess inventories. Gold rose US$7.60 to US$1,582.70 per ounce and silver rose US$0.12 to US$17.72 per ounce, while copper fell US$0.01 to US$2.61 per pound.

Source: Taipei Times February 15, 2020 15:56 UTC