Oil deepens losses on global demand concerns
Oil prices fell on Friday as the US market opened, weighed down by escalating fears over the coronavirus outbreak and its impact global demand.
Investors are anticipating the next meeting of OPEC and non-OPEC producers, led by Russia, which is scheduled at March 6, and will witness discussion on deepening the current output cut agreement.
Otherwise, Baker Hughes will be release its count for the US oil and natural gas drilling rigs later today.
The dollar index fell against a basket of currencies by 0.2% to 99.6 points at 14:06 GMT, after it hit an intraday high of 99.8 and a low of 99.6.
West Texas intermediate crude fell by 1.8% to trade at $52.9 a barrel as of 14:00 GMT, with a high of $53.8 and a low of $52.6
Brent crude fell by 1.7% to $58.2, after it hit a high of $59.2 and a low of $57.9.
French services sector grows more than expected in February
At 08:15 GMT, the French economy released its Flash reading for the services PMI for February at 52.4 points, higher than the previous reading of 51.0, and higher than forecasts of 51.4. This data is positive for the French Economy.
French manufacturing PMI shrinks for first time since April 2019
At 08:30 GMT, the French economy released its Flash reading for the manufacturing PMI for February at 49.7 points, lower than forecasts of 50.8 and lower than the previous reading of 51.1. This data is considered negative for the French economy.
German manufacturing sector improves in February
At 08:30 GMT, the German economy released its Flash reading for the manufacturing PMI for February at 47.8 points, higher than forecasts of 44.8 and higher than the previous reading of 45.3. This data is considered positive for the German economy.