Oil prices rose for a second day on Wednesday amid preliminary signs that new coronavirus cases are slowing in China, easing concerns over the demand impact from the disease in the world’s second-largest oil consumer.

Brent crude was up 73 cents, or 1.3 per cent, at $54.75 per barrel at 0137 GMT. US West Texas Intermediate (WTI) rose 46 cents, or 0.9 per cent, to $50.39.

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