UPDATE 8-Oil prices rise about 1%, up from 13-month low as virus cases slow

* Brent crude recovers from 13-month low hit on Monday
* EIA cuts global oil demand forecast after coronavirus
outbreak
* U.S. crude inventories expected to rise in weekly reports
* China's top virus expert says outbreak could peak this
month
* OPEC+ considers cutting output by a further 600,000 bpd

(Updates prices, market activity, comments to settlement and
adds API crude inventory data)
By Laila Kearney
NEW YORK, Feb 11 (Reuters) - Oil prices rose about 1% on
Tuesday, up from 13-month lows as the number of new coronavirus
cases slowed in China, easing some concern over the potential
for lengthy oil demand destruction.
The death toll surpassed 1,000 on Tuesday, though the number
of new confirmed cases fell. The epidemic may be
over by April, said the Chinese government's top medical adviser
on the outbreak. Brent crude LCOc1 settled at $54.01 a barrel, up 74 cents,
or 1.4%, having dropped on Monday to its lowest since January
last year at $53.11. U.S. West Texas Intermediate CLc1 crude
settled at $49.94 a barrel, up 37 cents, or 0.8%.
"The market is trying to bottom, to be optimistic and look
beyond the virus," said Phil Flynn, an analyst at Price Futures
Group in Chicago.
Investors remain wary that China's oil demand could take a
further hit if the coronavirus cannot be contained and if the
Organization of the Petroleum Exporting Countries (OPEC) and its
allies, known as OPEC+, fail to agree on further steps to
support prices.
"The lack of any coordinated action by OPEC+ means that
oversupply concerns are likely to retain the upper hand," said
Commerzbank analyst Eugen Weinberg.
The virus is already denting demand in the world's
second-largest oil consumer. Chinese state refiners plan to cut
as much as 940,000 barrels per day (bpd) - almost 1% of world
demand - from their crude processing rates in February.
The U.S. Energy Information Administration cut its global
oil demand growth forecast for this year by 310,000 bpd after
the coronavirus outbreak. Oil also got a boost from a rally in world equities, which
resumed their climb towards record highs on Tuesday on hopes the
virus is peaking. OPEC and allies including Russia are restraining output by
1.7 million bpd in 2020 to support the market and have been
considering further curbs.
An OPEC+ advisory panel proposed an additional cut of
600,000 bpd last week, but Russia has delayed delivering its
official stance, frustrating some OPEC members. Oil prices pared gains in post-settlement trade after data
from industry group American Petroleum Institute showed a
bigger-than-expected build in U.S. crude stockpiles. API/S
Crude inventories rose by 6 million barrels last week,
compared with analysts' expectations for a build of 3 million
barrels, API said.
The U.S. government crude supply report is due on Wednesday.
EIA/S