Oil rises over 4% on hopes of OPEC cut and stimulus amid virus gloom
Oil prices rose over 4 per cent on Monday, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.
Brent crude futures gained $2.23, or 4.5 per cent, to settle at $51.90 a barrel. The session low of $48.40 was its lowest since July 2017.
US West Texas Intermediate (WTI) crude futures rose $1.99, or 4.5 per cent, to settle at $46.75 a barrel. The session low of $43.32 a barrel was the lowest since December 2018.
It was the first gain for both benchmarks after six sessions of losses triggered by worries about the coronavirus, which has killed nearly 3,000 people and roiled global markets.
