UPDATE 11-Oil falls 1% as Russia needs time to mull more OPEC+ supply cuts

* Brent crude futures down 0.8%; WTI crude futures off 1.2%
* Oil posts fifth consecutive week of losses

(Adds CFTC data, paragraph 15)
By Stephanie Kelly
NEW YORK, Feb 7 (Reuters) - Oil prices fell 1% on Friday as
Russia said it needed more time before committing to output cuts
sought by other large producers while the coronavirus outbreak
fanned worries about global crude demand.
Oil prices posted their fifth straight weekly decline, as
speculators have backed away due to weaker consumption figures
and expectations that the coronavirus, which has killed more
than 600 people, will remain a drag on demand.
Brent crude LCOc1 futures lost 46 cents, or 0.8%, to
settle at $54.47 a barrel. Brent sank 6.3% for the week.
U.S. West Texas Intermediate (WTI) crude futures CLc1 fell
63 cents, or 1.2%, to settle at $50.32 a barrel. The contract
lost 2.4% for the week.
This week, a panel advising OPEC+, the Organization of the
Petroleum Exporting Countries and allies led by Russia,
suggested provisionally cutting output by 600,000 barrels per
day (bpd).
On Friday, Russia Energy Minister Alexander Novak said
Moscow needed more time to assess the situation. "Russia's lack of commitment thus far to such a deal is
providing one additional bearish element that is currently
precluding the complex from sustaining price advances," Jim
Ritterbusch, president of Ritterbusch and Associates, said in a
note.
Prices have fallen about a fifth since the outbreak of the
virus in the Chinese city of Wuhan. China is the world's biggest
importer of crude, taking in roughly 10 million bpd in 2019.
Novak predicted global oil demand may fall by 150,000 to
200,000 barrels per day (bpd) in 2020 in part because of the
virus. The OPEC+ group this year deepened existing cuts to roughly
1.7 million bpd, nearly 2% of global demand, yet prices have
remained in a narrow band. Producers in OPEC+ are scheduled to
meet in Vienna on March 5-6, although the meeting could be
brought forward because of concerns surrounding the virus.
Forecaster Eurasia Group said it estimates a contraction in
oil demand in China of as much 3 million bpd in the first
quarter from 2019 levels.
U.S. Energy Secretary Dan Brouillette said on Friday that
the impact of the coronavirus outbreak on global energy markets
is currently marginal, though it could worsen if the virus
spreads. Sources have told Reuters that Chinese policymakers are
preparing measures, including more fiscal spending and interest
rate cuts, amid expectations that the outbreak will have a
devastating impact on first-quarter growth.
U.S. energy firms added oil rigs for the third time in four
weeks even though producers planned to continue reducing
spending on new drilling for a second consecutive year in 2020.
Companies added 1 oil rig in the week to Feb. 7, bringing the
total count to 676, energy services firm Baker Hughes Co BRK.N
said on Friday. RIG-OL-USA-BHI Money managers cut their net long U.S. crude futures and
options positions in the week to Feb. 4 by 55,512 contracts to
162,518, the U.S. Commodity Futures Trading Commission (CFTC)
said on Friday. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
INTERACTIVE GRAPHIC: Tracking China's novel coronavirus
interactive https://tmsnrt.rs/2Syxrez
CHART: Brent oil may retest resistance at $56.58 Change in Brent crude oil prices since Jan. 20 https://tmsnrt.rs/31sQsTs
CHART: U.S. oil may approach $52.65 again ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>