Oil rises a second day in ‘relief rally’ over China coronavirus

© Reuters. FILE PHOTO: Crude oil storage tanks at the oil hub in Cushing, Oklahoma

Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.

Brent futures rose by 77 cents, or 1.4%, to $56.05 a barrel by 0735 GMT, having risen 2.4% in the last session. U.S. West Texas Intermediate (WTI) futures gained 95 cents, or 1.9%, to $51.70 a barrel after rising 2.3% on Wednesday.

A committee that advises the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a group known as OPEC+, is set to meet for a fourth day on Thursday. They are discussing whether to reduce oil production further to support prices after a multi-day slump over concerns about economic growth and energy demand caused by the outbreak.


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