LONDON — Oil prices slipped on Friday as Russia said it would need more time before committing to output cuts along with OPEC and other producers amid falling demand for crude as China battles the coronavirus epidemic.

Brent crude futures fell 60 cents, or 1.1%, to $54.33 a barrel by 1500 GMT, and were heading for a fifth weekly loss due to persistent concerns over the impact of the virus.

U.S. West Texas Intermediate (WTI) crude futures were down 70 cents, or 1.4%, at $50.25 a barrel, also heading for a fifth consecutive week of losses.

Russian Foreign Minister Sergei Lavrov said on Thursday that Moscow supported cooperation with other producers, in remarks which appeared to boost prices in early trading.

However, Energy Minister Alexander Novak said on Friday Russia needed a few days to analyze the oil market and would clarify its position on deeper cuts next week.

Novak predicted global oil demand may fall by 150,000-200,000 barrels...

SINGAPORE — Industrial goods from jet fuel and iron ore to rubber and sulphuric acid are sliding towards their lowest prices in weeks, months or even years as China’s coronavirus epidemic hobbles movement and eats away demand in the world’s no.2 economy.

China’s iron ore futures are headed for their biggest weekly loss in six months, oil prices hit their lowest since January, and Tokyo rubber futures have shed 15% since mid-January.

The economic impact of the coronavirus lockdown in China is being felt across the globe, with exporters, miners and manufacturers of everything from coal to fruit facing trade disruption. The Baltic Dry Index of freight rates has hit its weakest since 2016.

“The adverse impacts of the coronavirus on China’s economy look set to spill over significantly to the rest of the world,” Oxford Economics said in a note.

“In addition to weaker Chinese import demand, a sharp drop in the country’s industrial activity may...

Oil futures ended on a mixed note Thursday, with U.S. prices up but global prices down, as a committee of OPEC members and their allies advocated for cuts to global production to stabilize slumping crude values.

The proposal, however, encountered resistance from Russia, and it requires official approval from ministers of the Organization of the Petroleum Exporting Countries, according to several news reports. The recommendation was made as oil prices have taken a hit from expectations of a slowdown in energy demand, fed by the spread of coronavirus in China.

The OPEC+ Joint Technical Committee recommended a cut to production of its members and other allies of 600,000 barrels a day, according to several news agencies. S&P Global Platts said the recommendation calls for that cut to begin in April and run through June. The JTC meeting in Vienna had been scheduled to end Wednesday, but was extended to an unplanned third day.

However,...

Prices for U.S. benchmark crude futures finished higher Thursday, as traders weighed news that the Organization of the Petroleum Exporting Countries proposed additional production cuts, but encountered resistance from Russia. "The decision to hastily hold the special [OPEC+ Joint Technical Committee] meeting this week had raised market expectations of swift OPEC action," analysts at RBC Capital Markets wrote in a research note dated Thursday. However, "the JTC was always going to be an imperfect vehicle for providing production clarity as it only makes policy recommendations based on scenarios to the ministers." March West Texas Intermediate oil CLH20, +0.59% rose 20 cents, or 0.4%, to settle at $50.95 barrel on the New York Mercantile Exchange.

The Russians said "they need more time" to weigh recommendations from the group's technical committee and assess the impact of the coronavirus on the market, a source close to the negotiations told CNN Business' John Defterios.

LONDON — Oil futures rose for a second day on Thursday boosted by potential OPEC+ action to counter oil demand loss from the coronavirus outbreak and by optimism that trade tensions between the world’s two biggest economies were easing.

A technical committee advising the Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day (bpd), two sources told Reuters.

The committee, which is not a decision-making body, is meeting for a third day in Vienna.

Brent futures rose by 43 cents to $55.71 a barrel by 0942 GMT, having risen 2.4% in the previous session. U.S. West Texas Intermediate (WTI) futures gained 69 cents to $51.44 a barrel after rising 2.3% on Wednesday.

“Saudi Arabia seems ready to push for a very proactive and immediate production response,” bank RBC said in a note.

China on Thursday...

Operator

Good day everyone and welcome to Panhandle Oil and Gas Inc. First Quarter 2020 Earnings Conference Call. Today's conference is being recorded.

I would like to now turn the conference call over to Ralph D'Amico, Panhandle's Vice President, Investor Relations. Please go ahead.

Ralph D'Amico -- Vice President-Business Development and Investor Relations

Thank you for joining us today to discuss our 2020 first quarter results. With me on the call today for prepared remarks are Chad Stephens, Chief Executive Officer; Robb Winfield, Chief Financial Officer; and myself. After prepared remarks, we will open up the call to a Q&A session. During the Q&A session, we will also be joined by Freda Webb, who is the VP of Operations. Please note that we are also webcasting this call on our Investor Relations' website at panhandleoilandgas.com. The earnings press release that was issued earlier today is also posted on the Investor Relations...

Panhandle Oil and Gas, Inc. (NYSE:PHX) Q1 2020 Earnings Conference Call February 5, 2020 5:00 PM ET

Company Participants

Ralph D'Amico - VP, IR

Chad Stephens - CEO

Robb Winfield - CFO

Freda Webb - VP, Operations

Conference Call Participants

Richard Howard - Boiling Point Resources

Operator

Good day everyone and welcome to Panhandle Oil and Gas Inc. First Quarter 2020 Earnings Conference Call. Today's conference is being recorded.

I would like to now turn the conference call over to Ralph D'Amico, Panhandle's Vice President, Investor Relations. Please go ahead.

Ralph D'Amico

Thank you for joining us today to discuss our 2020 first quarter results. With me on the call today for prepared remarks are Chad Stephens, Chief Executive Officer; Robb Winfield, Chief Financial Officer; and myself.

After prepared remarks, we will open up the call to a Q&A session. During the Q&A session, we...