Oil turns positive after five-day rout as OPEC might act - Reuters

Oil turns positive after five-day rout as OPEC might act - Reuters:

Oil futures on Tuesday broke a five-day losing streak after OPEC sources said the group and its allies might tighten the market amid fears that the coronavirus which has claimed over 100 lives in China, might weigh on oil demand.

Brent crude LCOc1 reversed earlier losses to trade up 18 cents at $59.50 a barrel at 1245 GMT, after having hit a three-month low of $58.50 on Monday. [MKTS/GLOB]

U.S. West Texas Intermediate CLc1 rose 30 cents at $53.44 a barrel, after slipping to its lowest since early October in the previous session. Both contracts are still on track for their worst monthly falls since May.