Oil futures edged up on Tuesday after falling for five days, bouncing up with Wall Street, and crude also drew support from talk that OPEC and its allies might tighten the market amid fears the coronavirus could weigh on oil demand.
“WTI is correlating to U.S. equities, which are stronger,” said Bob Yawger, director of energy futures at Mizuho in New York. Stronger equities can indicate economic strength and, therefore, a better demand outlook for crude.
U.S. stocks rose as gains in technology and financial shares helped major indexes recover from their biggest selloff in about four months on worries over a coronavirus outbreak and its possible impact on global growth.
