Oil up 2.5% on slowing pace of coronavirus, US move on Venezuela
NEW YORK: Oil prices rose 2.5% on Wednesday as demand worries eased with a slowing of new coronavirus cases in China and supply curtailed by a U.S. move to cut more Venezuelan crude from the market.
Brent crude was up $1.47, or 2.6%, at $59.22 a barrel by 12:17 p.m. EST (1716 GMT). U.S. oil was up $1.23 , or 2.4%, at $53.28 a barrel.
Official data showed new coronavirus cases in China fell for a second straight day, although the World Health Organization said there was not enough data to know if the epidemic was being contained.
