Oil prices rebound from virus slump amid recovery across markets
Oil prices rose on Tuesday, matching moves in other financial markets as investors regained calm after Monday’s sharp sell-off on fears of the impact of the China coronavirus on demand sent crude to its lowest level in more than a year.
Brent crude was at $54.66 a barrel by 0227 GMT, up 21 cents, or nearly 0.4 per cent, while US West Texas Intermediate (WTI) crude was up 32 cents, or 0.6 per cent, at $50.43 a barrel.
Both Brent and WTI are currently down by more 20 per cent from this year’s peak on January 6.
“The rebound of crude oil prices reflects improved trading sentiment (across the Asia-Pacific region), as concerns over the coronavirus outbreak alleviated somewhat. Asian equity markets also recovered from yesterday’s losses,” said Margaret Yang, market analyst at CMC Markets.
