Oil rises as markets wait on virus impact; U.S. stocks fall - Reuters

Oil rises as markets wait on virus impact; U.S. stocks fall - Reuters:

Oil prices rose for a second day on Wednesday, recouping some losses after a five-day rout on talk that OPEC could extend oil output cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles helped steady prices.

Brent crude LCOc1 rose 58 cents, or 1%, to $60.09 a barrel by 0730 GMT. U.S. crude was up 55 cents, or 1%, at $54.03 a barrel.

Financial markets that have been hit by the spread of the virus out of China are trying to assess the economic fallout, with the death toll rising to 132 and airlines reducing flights to China.

“Price action since last Tuesday does suggest that the market is pricing in a fairly sizeable demand impact,” ING Research said in a note.