Oil is on track to post its first weekly gain since the start of January on optimism that the coronavirus outbreak could be abating.

Futures in New York were little changed, after rising 0.5% on Thursday. They are up more than 2% over the week, on course to break a run of five straight weekly declines. The World Heath Organization said a spike in coronavirus diagnoses doesn’t necessarily reflect a sudden surge in new infections, with a senior official saying many of the added cases date back days and weeks.

West Texas Intermediate crude for March delivery was up 3 cents at $51.45 a barrel on the New York Mercantile Exchange at 10:20 a.m. Sydney time. March WTI settled Thursday up 25 cents at $51.42 a barrel.

Brent for April settlement ended 55 cents higher at $56.34 a barrel on the ICE Futures Europe exchange.

Source : Bloomberg