Oil prices rebound from China virus slump amid gingerly recovery across markets - Reuters

Oil prices rebound from China virus slump amid gingerly recovery across markets - Reuters:

Oil prices rose on Tuesday, matching moves in other financial markets as investors regained calm after Monday’s sharp sell-off on fears of the impact of the China coronavirus on demand for fuel sent crude to its lowest level in more than a year.

Brent crude was at $54.66 a barrel by 0227 GMT, up 21 cents, or nearly 0.4%, while U.S. West Texas Intermediate (WTI) crude was up 32 cents, or 0.6%, at $50.43 a barrel.

Both Brent and WTI are currently down by more than 20% from this year’s peak on Jan. 8.

“The rebound of crude oil prices reflects improved trading sentiment (across the Asia-Pacific region), as concerns over the coronavirus outbreak alleviated somewhat. The Asian equity market also recovered from yesterday’s losses,” said Margaret Yang, market analyst at CMC Markets.