Oil Steady as Asian States Seek to Offset Virus Hit to Economies - Bloomberg

Oil Steady as Asian States Seek to Offset Virus Hit to Economies - Bloomberg:

Oil steadied near $57 a barrel in London as China and others in Asia promised economic stimulus to offset the impact of the coronavirus, buoying the outlook for fuel demand.

Prices recovered more than 5% last week, the biggest gain since September, as some of the fears over how far the infection will hurt the global economy abated. China, Hong Kong and Singapore have pledged extra fiscal stimulus to counter the economic hit from the disease, with Beijing considering measures such as lowering corporate taxes.

“Oil appears to have finally shaken off its bearish malaise,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. “Investors cheered a salvo of stimulus measures from China’s central bank aimed at mitigating the economic impact.”