Oil rebounds amid broad market recovery; investors still wary - Reuters:
Oil prices rose around 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China.
Brent crude LCOc1 rose 53 cents, nearly 1%, to $53.80 a barrel by 0730 GMT, retreating from an intraday high of $54.16. U.S. West Texas Intermediate CLc1 was up 46 cents, about 1%, at $50.18 a barrel.
Both benchmarks, however, were still more than 20% below their January peaks.
“A broad positive sentiment across Asia markets seems to have boosted crude oil prices,” Margaret Yang, market analyst of CMC Markets, told Reuters.
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