Oil gains 1 per cent as short-sellers take profit; investors still wary over coronavirus

SINGAPORE: Oil prices rose more than 1 per cent on Tuesday as recent sharp falls have encouraged investors holding short positions to book profits, but the market remains jittery over the Wuhan virus, which has now killed more than 1,000 in China.

Brent crude rose 79 cents, or nearly 1.5 per cent, to $54.06 a barrel by 0216 GMT, while US West Texas Intermediate was up 63 cents, or about 1.3 per cent, to $50.20.