Oil prices gained more than 1% on Wednesday in Asia despite ongoing concerns surrounding the coronavirus outbreak.
U.S. Crude Oil WTI Futures gained 1.1% to $52.86 by 12:01 AM ET (04:01 GMT), while the international Brent Oil Futures also rose 1.1% to $58.39.
Reports that the U.S. imposed sanctions on a unit of Rosneft, Russia’s largest oil producer, were cited as a tail wind for oil markets today.
Gains of oil prices were capped by lingering concerns about lowered demand due to the virus outbreak that started in China.
The Hubei province reported 132 deaths for Feb. 18. So far, China has 74,186 confirmed cases of the virus, according to government data.
Source : Investing.com