Oil prices rose for a second day on Wednesday, standing on firmer ground after a five-day fall on talk OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in US stockpiles helped steady prices.
Brent crude rose 33 cents, or 0.6%, to $59.84 a barrel by 0103 GMT, while US crude was up 31 cents, or 0.6%, at $53.79 a barrel.
Financial markets that have been hit by the spread of the virus and a growing death toll are taking stock of the economic fallout, helped by comments from the head of the World Health Organization supporting China’s efforts to beat the outbreak.
“Oil’s bloodbath appears to be over for now,” said Edward Moya, senior market analyst at OANDA.
