Oil prices gain on supply threats; demand concerns from coronavirus ease - Reuters

Oil prices gain on supply threats; demand concerns from coronavirus ease - Reuters:

Oil prices climbed on Thursday, extending gains from the previous session, as the market shifted focus to supply disruptions, while demand concerns eased following a drop in new coronavirus cases at the epicenter of the outbreak.

Conflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution, while U.S. sanctions on a subsidiary of Russian state oil major Rosneft (ROSN.MM) could cut more Venezuelan crude from the market, rekindling global oil supply worries.

Brent crude futures LCOc1 were up 14 cents, or 0.2%, to $59.26 a barrel by 0745 GMT, after climbing to as high as $59.71 earlier in the day. The international benchmark rose 2.4% on Wednesday and is currently up for an eighth straight day. 


West Texas Intermediate (WTI) crude futures CLc1 climbed 38 cents, or 0.7%, to $53.67 per barrel. WTI has risen in six out of seven sessions going back to Feb. 11.