Oil steadied near $57 a barrel in London as China and other Asian states promised economic stimulus to offset the impact of the coronavirus, buoying the outlook for fuel demand.
Prices recovered more than 5% last week, the biggest gain since September, as some of the fears over how far the infection will hurt the global economy abated. China, Hong Kong and Singapore have pledged extra fiscal stimulus to counter the economic hit from the disease, with Beijing considering measures such as lowering corporate taxes.
Brent for April settlement rose 1 cent to $57.33 a barrel as of 10:39 a.m. in London on the ICE Futures Europe exchange. West Texas Intermediate crude for March delivery added 6 cents to $52.11 a barrel on the New York Mercantile Exchange, after adding 3.4% last week, the biggest weekly gain since December.
Source : Bloomberg