18.02.202019:15:00UTC+00Crude Oil Futures Settle Flat

Crude oil futures ended flat on Tuesday with traders weighing the impact of the coronavirus on global energy demand and OPEC and allies' move on production cuts.

Lingering worries about the economic impact of the coronavirus outbreak and the recent downward revision in energy demand forecast by the International Energy Agency (IEA) weighed on crude oil prices.

West Texas Intermediate crude oil futures for March ended at $52.05 a barrel, unchanged from previous close.

Brent crude futures edged up marginally to $57.75 a barrel.

Last week, the IEA said oil demand may fall by 435,000 barrels per day in the first quarter of this year, compared to the year-ago quarter.

OPEC and allies have been considering deeper production cuts in order to support prices. The group entered into a pact last year to cut oil output by 1.7 million barrels per day till March 2020.

The group is scheduled to meet in early March in Vienna to consider a recommendation to cut supply by a further 60,000 barrels per day.

Meanwhile, a report from the Energy Information Administration (EIA) expects crude oil production from seven major U.S. shale plays to climb by 18,000 barrels a day in March to 9.175 million barrels a day.

The report said oil output from the Permian Basin is expected to see an increase of 39,000 barrels a day in March, compared to February. Shale oil output from the Anadarko, Appalachia, Bakken and Niobrara regions, however, are expected to see monthly declines, the report showed.