Reportedly 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. US 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.