Oil prices flat; OPEC+ mulls supply cut as virus hits demand

Brent crude futures lost 35 cents to settle at $54.93 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $50.95 a barrel.

NEW YORK: Oil futures gave up early gains and settled narrowly mixed on Thursday, as OPEC and its partner Russia gave mixed signals about possible further output cuts to mitigate the impact of any weakening in global demand due to the coronavirus outbreak.

Brent crude futures lost 35 cents to settle at $54.93 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $50.95 a barrel.