Oil jumped more than 3% at the high on Wednesday as traders eyed deeper production cuts from OPEC, and as China reported the lowest number of new coronavirus cases since the end of January, easing concerns about a drop-off in demand for oil.
On Wednesday U.S. West Texas Intermediate crude gained 2.46%, or $1.23, to settle at $51.17 per barrel, its best day since Jan. 3. Brent crude rallied 3.4%, or $1.82, to trade at $55.83 per barrel. Earlier in the session WTI traded as high as $51.73, while Brent reached $56.26.
In a closely-watched monthly report published Wednesday, OPEC cut its forecast for oil demand growth this year, saying the coronavirus outbreak was the primary reason.