Oil rises amid hope for short economic hit from coronavirus outbreak - Reuters

Oil rises amid hope for short economic hit from coronavirus outbreak - Reuters:

Oil prices rose on Wednesday, with Brent gaining a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market.

Brent crude LCOc1 was up by 51 cents, or 0.9%, at $58.26 a barrel by 0732 GMT, while U.S. oil CLc1 was up 55 cents, or 1.1%, at $52.60 a barrel.

China is still struggling to get manufacturing going again in the world’s second-largest economy, after imposing stringent city lockdowns and travel restrictions to contain the virus that has now killed more than 2,000 people, but investors remain optimistic that the economic fallout may be short-lived.

S&P Global Ratings said it expected that coronavirus will deliver a “short-term blow” to economic growth in China in the first quarter.