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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Photo: Ryad Kramdi/AFP via Getty Images

OPEC's possible responses to the spreading coronavirus that's hurting oil demand and prices are starting to come into view.

Why it matters: Besides killing more than 360 people so far, the outbreak is severely curtailing airline and economic activity in China, the world's largest oil importer and second-largest oil consumer.

  • Brent crude prices have tumbled by roughly $10 per barrel in the last two weeks. It's currently trading in the low-$56 range.

Driving the news: Reuters reports that OPEC and allied producers could deepen their existing production-limiting pact by 500,000 barrels per day.

  • The Wall Street Journal has the same info, but also reports: "Another option being considered would involve a temporary cut of 1 million barrels a day by the Saudis to jolt oil markets."

The big picture: This new Bloomberg piece, citing people with "inside knowledge" of China's energy sector, gets to the scary and immense scale of what's happening...

  • "Chinese oil demand has dropped by about three million barrels a day, or 20% of total consumption, as the coronavirus squeezes the economy."
  • It's "probably the largest demand shock the oil market has suffered since the global financial crisis of 2008 to 2009," they report.

What's next: A technical monitoring committee for OPEC+, which is the alliance between the cartel, Russia and allied producers, is slated to meet this week, per multiple reports.

  • A higher level emergency meeting could occur later this month, several outlets report.

Go deeper: The global economic threat of the coronavirus

Go deeper

U.S. economy grew at a 6.5% rate last quarter, missing expectations

Contractors work on a home under construction. (Photo: Micah Green/Bloomberg via Getty Images)

The U.S. economy grew at an annualized 6.5% rate last quarter, the government said Thursday — slower than the 8.4% economists expected.

Why it matters: It came as the economy made strides toward further reopening, vaccinations rolled out and government stimulus bolstered spending. But supply crunches held the pace of growth back.

15 mins ago - Sports

U.S. gymnast Suni Lee wins Olympic gold in individual all-around

Suni Lee . Photo: Jamie Squire/Getty Images

U.S. gymnast Sunisa "Suni" Lee won Olympic gold on Thursday in the individual all-around event.

The big picture: Simone Biles, who withdrew from the event to focus on her mental health, cheered from the stands with the rest of the women's gymnastics team as they watched Lee and teammate Jade Carey compete. Brazil's Rebeca Andrade won the silver and Russian Angelina Melnikova took the bronze.

Updated 2 hours ago - Sports

Olympics dashboard

Team USA's Simone Biles during the women's team final on day four of the Tokyo 2020 Olympic Games at Ariake Gymnastics Centre on Tuesday in Japan. Photo: Fred Lee/Getty Images

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏃: U.S. pole vaulter Sam Kendricks withdraws from Games after positive coronavirus test

🏊‍♂️: Caeleb Dressel wins gold in men's 100m freestyle —Bobby Finke wins gold in first men's Olympic 800m freestyle

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

💵: Olympic athletes see more sponsorship opportunities

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage - Medal tracker

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