Oil rises over 1% on hopes demand will rebound from coronavirus effect - Reuters

Oil rises over 1% on hopes demand will rebound from coronavirus effect - Reuters:

Oil prices rose over 1% on Friday, posting their first weekly gain since early January as investors bet the economic impact of the coronavirus would be short-lived and hoped for further Chinese central bank stimulus to tackle any slowdown.

Brent crude LCOc1 rose 98 cents, or 1.74%, to settle at $57.32 a barrel. It rose 5.23% since last Friday, its first weekly increase in six weeks.

U.S. West Texas Intermediate (WTI) futures CLc1 gained 63 cents, or 1.23%, to settle at $52.05 a barrel. The weekly rise was 3.44%.

“The massive liquidation process that drove prices sharply lower last month has likely been completed and is being replaced by accumulation as well as short-covering from speculators who have recently entered the market,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.