Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China as a sign fuel demand may rebound in the world’s biggest oil importer.
Brent futures rose by 98 cents, or 1.8 per cent, to $56.26 a barrel by 0311 GMT, having risen 2.4 per cent in the last session. US West Texas Intermediate (WTI) futures gained $1.08, or 2.1 per cent, to $51.83 a barrel after rising 2.3 per cent on Wednesday.
A committee that advises the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a group known as OPEC+, is set to meet for a fourth day on Thursday.
