Oil prices gained 1% on Wednesday, with Brent rising a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market.

Brent crude (LCOc1) was up by 59 cents, or 1%, at $58.34 a barrel by 0439 GMT, while U.S. oil (CLc1) was up 55 cents, or 1.1%, at $52.60 a barrel.

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