Coronavirus: Oil nears one-month high on supply threats, easing demand woes
Brent oil prices held near one-month highs on Thursday supported by China’s efforts to boost its economy, a drop in new coronavirus cases at the epicentre of the outbreak and supply concerns in Venezuela and Libya.
Brent crude futures were up 7 cents at $59.19 a barrel by 0939 GMT, after climbing to as high as $59.71 earlier in the day.
West Texas Intermediate (WTI) crude futures climbed 17 cents to $53.46 per barrel.
China’s move to cut its benchmark lending rate on Thursday also helped ease worries about slowing demand in the world’s second-biggest oil consumer and largest crude oil importer.
