Oil rises as markets wait on virus impact and U.S. stockpiles fall - Reuters

Oil rises as markets wait on virus impact and U.S. stockpiles 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 and data showing a decline in U.S. stockpiles.

Brent crude LCOc1 rose 47 cents, or 0.8%, to $59.98 a barrel by 1350 GMT. U.S. crude was up 36 cents, or 0.7%, at $53.84. 


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.

“While the coronavirus continues to spread both in and outside China the market is trying to adjust positions across all asset classes,” said Saxo Bank analyst Ole Hansen.