OPEC Won’t Be Rushed By Coronavirus Fears

Market Movers - The predominant theme in the oil markets is still the coronavirus and its effects on oil demand. This week, traders were waiting to hear whether Russia would be on board with deeper production cuts, but hopes were dashed on Thursday as OPEC and Russia announced that it would not move up its March 5-6 meeting to discuss the options earlier than planned, implying that Russia was probably not on board, as suspected. The decision to not move the meeting up highlights the lack of urgency among the cartel and its friends now that oil…