Crude oil rises as investors take stock of economic hit from virus
Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day fall on talk OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in US stockpiles helped steady prices.
Brent crude rose 33 cents, or 0.6 per cent, to $59.84 a barrel by 0103 GMT, while US crude was up 31 cents, or 0.6 per cent, at $53.79 a barrel.
Financial markets that have been hit by the spread of the virus and a growing death toll are taking stock of the economic fallout, helped by comments from the head of the World Health Organisation supporting China’s efforts to beat the outbreak.
