Oil prices jump 2% as virus vaccine reports spur hope - Reuters

Oil prices jump 2% as virus vaccine reports spur hope - Reuters:

Oil prices jumped about 2% on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found.

Also supporting oil was news that the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies were considering further output cuts to counter a potential squeeze on global oil demand.

The outbreak has killed nearly 500 people and is weighing on global economic activity and oil demand.

The World Health Organization played down the media reports, saying there were “no known effective therapeutics” against the virus.

Brent crude oil futures LCOc1 ended the session up $1.32, or 2.5%, at $56.46 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 gained $1.14, or 2.3%, to settle at $50.75. Both contracts rose more than 4% during the session.