Oil prices rose on Friday, on track for their first weekly gain since early January as investors bet the economic impact of the coronavirus would be short-lived and hoped for further Chinese central bank stimulus to tackle any slowdown.
Brent crude was up 89 cents or 1.6% at $57.23 per barrel. It has risen 4.4% since last Friday, its first weekly increase in six weeks. U.S. West Texas Intermediate gained 63 cents or 1.2% to settle at $52.05 per barrel, up 3.3% for the week.
Brent has fallen 15% since the beginning of the year in part due to worries the coronavirus outbreak would stunt the global economy. More than 1,380 people have died from the virus in China.
However, market sentiment improved as factories in China started to reopen and the government eased monetary policy in the world's second largest economy.
Source : Reuters