Oil edges up as stock markets rebound after virus-related selloff - Reuters

Oil edges up as stock markets rebound after virus-related selloff - Reuters:

Oil futures edged up on Tuesday after falling for five days, gaining support from a rebound in Wall Street stocks and talk that OPEC and its allies might tighten the market amid fears the coronavirus could weigh on oil demand.

U.S. stocks rose as gains in technology and financial shares helped major indexes recover from their biggest selloff in about four months on worries over a coronavirus outbreak and its possible impact on global growth.

Brent LCOc1 futures rose 19 cents, or 0.3%, to $59.51 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 34 cents, or 0.6%, to $53.48.

“The bulk of today’s oil market advance appeared to reflect spillover from the strong rebound in the equities,” Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, said in a report, noting the strong dollar also restricted “buying enthusiasm in the energy complex.”