Oil prices rose for the first time in a week on Tuesday as investors tried to look beyond the coronavirus and its debilitating impact on markets, though crude’s real test might come from impending weekly stockpiles data.
New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled up 34 cents, or 0.6%, at $53.48. It sunk to a near four-month low $52.16 on Monday.
Brent, the London-traded global benchmark for crude oil, closed up 19 cents, or 0.3 percent, at $59.51. In the previous session, Brent tumbled to $57.74, its lowest level since October 8.
Crude rose as investors tried to shrug off pessimism brought on by the viral outbreak from China that has dealt the worst blow to energy demand since 2018. Analysts have estimated that the crisis and its impact on travel and other business could cause the energy industry lost consumption in hundreds of thousands of barrels of oil, including jet fuel.
Source : Investing.com