On Friday, WTI crude oil prices are trading somewhat steady but are all set to post a weekly gain for the first time in six weeks on the back of rising expectations for OPEC supply cuts. At the time of writing, WTI crude oil is trading at around $51.40 per barrel.

WTI crude oil has gained around 2.2% of its value so far this week, after weakening for several weeks on escalating worries about a dip in demand due to the coronavirus outbreak in China. This week, however, things turned around for crude oil after reports revealed that the OPEC and its allies are contemplating increasing curbs in crude production by up to 2.3 million bpd.

While oil markets are trading the sentiment over worries that the outbreak can reduce energy demand in China, analysts anticipate oil demand to remain robust across other markets around the world. On Thursday, the International Energy Agency (IEA) forecast that the coronavirus outbreak is going to drive oil demand lower in Q1 2020 YoY for the first time since the 2008-09 financial crisis.