Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic.
Brent crude was up $1.12, or 2.1 per cent, at $55.13 per barrel at 0748 GMT. US West Texas Intermediate (WTI) rose 74 cents, or 1.5 per cent, to $50.68 a barrel.
According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest since January 30. Still, international experts remained cautious over forecasting when the outbreak might reach a peak.
