Oil rises for a second day as OPEC+ weighs coronavirus action

Oil rises for a second day as OPEC+ weighs coronavirus action

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.. Oil prices have slumped more than 20% since reaching their highest this year on Jan. 8 on demand concerns caused by the virus outbreak and indications of oversupply.. Commodity supply chains in China have been disrupted to the extent that short-term sales of crude oil, along with liquefied natural gas, fell to nearly zero this week.. While oil prices have gained in the past two days, the front month contracts of both Brent and WTI remain in contango LCOc1-LCOc2, a situation where longer-dated futures trade at a premium to shorter dated ones, indicating the market sees ample supply or falling demand for crude.. (GRAPHIC: Brent crude oil mkt flips to contango as coronavirus spread strangles China's oil demand - ).