Oil up as hopes of OPEC cut, stimulus counter virus gloom - Reuters

Oil up as hopes of OPEC cut, stimulus counter virus gloom - Reuters:

Oil prices rose on Monday, reversing an earlier fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.

Brent crude LCOc1 was at $50.40 a barrel, up 73 cents by 1146 GMT, having earlier hit its lowest since July 2017 at $48.40.

U.S. West Texas Intermediate crude CLc1 hit a 14-month low of $43.32 but was last trading at $45.29, up 53 cents.

It was the first gain for both benchmarks after six sessions of losses triggered by coronavirus worries. The virus, which originated in China, has killed nearly 3,000 people and roiled global markets as investors brace for a steep knock to world growth.