Oil extended a rebound into a third day as optimism the global economy can recover from the impact of the coronavirus boosted investor confidence.

Futures in New York were up 0.6%, after jumping 2.5% Wednesday. New cases of the virus reported in China may be easing and President Xi Jinping said the country would still meet its economic goals. The positive sentiment overshadowed a government report showing U.S. crude stockpiles posted the largest build since November.

West Texas Intermediate crude for March delivery was up 32 cents at $51.49 a barrel on the New York Mercantile Exchange at 10:58 a.m. Sydney time. March WTI gained $1.23 to end Wednesday at $51.17 a barrel.

Brent for April settlement climbed 3.3% to settle at $55.79 a barrel on the ICE Futures Europe exchange in London on Wednesday.

Source : Bloomberg