Oil prices rose more than 2% on Wednesday as demand worries eased with a slowing of new coronavirus cases in China and supply curtailed by a U.S. move to cut more Venezuelan crude from the market.

Brent crude was up $1.58, or 2.7%, to trade at $59.33 per barrel, while U.S. West Texas Intermediate crude gained $1.24, or 2.38%, to settle at $53.29 per barrel.

Official data showed new coronavirus cases in China fell for a second straight day, although the World Health Organization said there was not enough data to know if the epidemic was being contained.

Source : Reuters