Oil prices mixed as demand concerns outweigh output cut expectations

Oil prices mixed as demand concerns outweigh output cut expectations

Brent rose 3.2 percent on Wednesday while WTI gained 2.5 percent as a slowdown in new Chinese coronavirus cases boosted expectations of a demand recovery.. Oil demand in China, the world's second-largest crude consumer, has plunged because of travel restrictions to and from the country and quarantines within it.. Even with the increase in cases pressuring crude, "oil prices are seeing some support from progress that the Russians may finally sign off on the OPEC+ additional production cuts," he said.. RAK Ceramics targets Saudi Arabia amid regional slowdown /node/1627021/business-economy. A recent pickup in construction in the Kingdom has given confidence to a beleaguered building sector. A recent pickup in construction activity in Saudi Arabia, the largest economy in the Gulf, has been a confidence boost for the beleaguered building sector.. Overall sales slumped 5.6 percent to 2.57 billion dirhams ($684 million) on a year earlier Saudi Arabia showed strong growth with revenues jumping more than 9 percent to 271.9 million dirhams..