Oil prices rebounded more than $1 a barrel after earlier hitting multi-year lows on Monday, 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 was at $51.31 a barrel, up $1.64 or 3.3 per cent, by 0502 GMT, off $48.40, the lowest since July 2017.
Across the Atlantic, US West Texas Intermediate crude hit a 14-month low of $43.32, before recovering to $46.11, up $1.35, or 3 per cent.
Both marked their first gain after six sessions of losses amid virus worries. The coronavirus, which originated in China, has killed nearly 3,000 and roiled global markets as investors brace for a steep knock to world growth. Equities marked their biggest rout since the 2008 financial crisis last week.
