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Oil rises as investors take stock of economic hit from virus

Published 01/29/2020, 09:31 AM
Updated 01/29/2020, 09:32 AM
© Reuters. Oil rises as investors take stock of economic hit from virus
LCO
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TOKYO, Jan 29 (Reuters) - Oil prices rose for a second day
on Wednesday, standing on firmer ground after a five-day fall on
talk OPEC could extend oil cuts if a new coronavirus hurts
demand, while data showing a decline in U.S. stockpiles helped
steady prices.
Brent crude LCOc1 rose 33 cents, or 0.6%, to $59.84 a
barrel by 0103 GMT, while U.S. crude was up 31 cents, or 0.6%,
at $53.79 a barrel.
Financial markets that have been hit by the spread of the
virus and a growing death toll are taking stock of the economic
fallout, helped by comments from the head of the World Health
Organization supporting China's efforts to beat the outbreak.
MKTS/GLOB "Oil's bloodbath appears to be over for now," said Edward
Moya, senior market analyst at OANDA.
"China's coronavirus fears have somewhat eased and a 4.3
million barrel drop with the American Petroleum Institute data
provided a boost for energy prices," he added.
OPEC wants to extend oil production cuts until at least June
from March, and may deepen the reductions should demand for oil
in China be significantly reduced by the spread of the virus,
OPEC sources said. U.S. oil inventories fell last week, data from industry
group the American Petroleum Institute showed on Tuesday,
compared with analysts' expectations of a gain of 482,000
barrels. API/S


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