Oil prices extended gains on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week.

Brent crude rose $1.40 per barrel, or 2.7%, to $53.30 per barrel by 0940 GMT. U.S. West Texas Intermediate (WTI) rose $1.48 cents, or 3.2%, to $48.23 a barrel.

Both futures contracts rose by more than 3% earlier in the session.

Brent and WTI have rebounded somewhat over the past two days from a more than 20% drop from their January 2020 peak on signs the spread of the coronavirus had dented fuel demand.

Source : Reuters