*The Coronavirus Toll As of February 19;
Number of Cases Worldwide: 75,199
Sanctions on Rosneft
Oil prices continued to rise on Wednesday after new coronavirus cases slowed down in China. Demand concerns and the steps taken by the US to further limit the access of Venezuelan crude to the market were supportive.
The administration of US President Donald Trump put Russia’s Rosneft energy company on a sanctions list, on the grounds it acted for the Venezuelan government a “a financial lifeline”.
Hopes that the organization of the Petroleum Exporting Countries (OPEC) and its allies will extend and deepen their supply cuts at their meetings in March, were another factor that supported oil.
A Warning to the UK
A European Union senior adviser said on Wednesday that Brussels has warned London that it must make a commitment to promote fair competition for a good trade deal.
Stefaan de Rynck, an adviser to EU chief trade negotiator Michel Barnier, said the trade talks would be more challenging than the Brexit deal negotiations due to the wider scope and time limit.
Turkey’s central bank cut its benchmark rate for a sixth time in a row on Wednesday. It continued with a cycle of reductions in the midst of volatility in the lira and rising geopolitical risks.
The CBRT monetary policy committee lowered its one-week repo rate by 50 basis points to 10.75 percent. The move was larger than market expectations
China’s Participation in G20
China’s central bank and finance ministry will not send any officials to the upcoming G20 meeting of finance ministers and central bank governors in Saudi Arabia’s Riyadh due to virus outbreak, Reuters reported.
Instead, Chinese representatives at the World Bank will be attending the summit over the weekend, an official at the finance ministry cited by the agency said.