Oil prices rose for a second day on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week.
Brent crude rose $1.48 per barrel, or 2.5 per cent, to $53.18 per barrel at 0148 GMT. US West Texas Intermediate (WTI) rose $1.33, or 2.8 per cent, to $48.07 a barrel. Brent and WTI have rebounded somewhat over the past two days from a more than 20 per cent drop from their 2020 peak in January that was caused by signs the coronavirus spread has dented fuel demand.
Since Friday, WTI has gained 7.9 per cent while the front-month Brent contract has climbed 7.5 per cent, the biggest two-day percentage gains for both contracts since prices snapped back after the missile attacks on Saudi Arabian oil facilities in September 2019.
