Oil up as hopes of Opec cut, stimulus counter virus gloom

LONDON: Oil prices rose on Monday, reversing an earlier 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 was at $50.62 a barrel, up 95 cents, by 1448 GMT, having earlier hit its lowest since July 2017 at $48.40.

U.S. West Texas Intermediate crude hit a 14-month low of $43.32 but was last trading at $45.88, up $1.12