Oil up over 4% as hopes of OPEC cut, stimulus counter virus gloom - Reuters

Oil up over 4% as hopes of OPEC cut, stimulus counter virus gloom - Reuters:

Oil prices rose over 4% on Monday, reversing an early 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 futures gained $2.23, or 4.5%, to settle at $51.90 a barrel. The session low of $48.40 was its lowest since July 2017.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.99, or 4.5%, to settle at $46.75 a barrel. The session low of $43.32 a barrel was the lowest since December 2018.

It was the first gain for both benchmarks after six sessions of losses triggered by worries about the coronavirus, which has killed nearly 3,000 people and roiled global markets.