Oil was mired below $50 a barrel in Asian trade as major producing nations continued to dither over a supply response to the spread of coronavirus and its impact on global demand.
Futures in New York rose 0.4%, after tumbling 1.5% Monday to their lowest in a year. The Organization of Petroleum Exporting Countries is unlikely to meet in February to discuss the effect of the virus on oil markets, leaving the possibility of further production cuts up in the air. The death toll from the outbreak has climbed above 1,000.
West Texas Intermediate crude for March was up 21 cents at $49.78 a barrel on the New York Mercantile Exchange at 10:20 a.m. Sydney time. March WTI lost 75 cents to settle at $49.57 a barrel on Monday.
Brent for April delivery ended $1.20 lower at $53.27 a barrel on the London-based ICE Futures Europe exchange.
Source : Bloomberg