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Oil Prices Jump Following General Market Recovery

Oil prices rose more than 1 percent on Tuesday following stock market rallies, but investors are still worried about a coronavirus outbreak, with a death toll of more than 1,000 people in China.

oil rates jumpPhoto: Flickr

Brent futures with April delivery gained 1.33 percent, to $53,95 per barrel, while WTI light crude grew by 1.13 percent, to $50.13 per barrel at 0915 GMT.

Chinese state-owned oil refineries previously said they would cut production to additional 940,000 barrels per day amid the Wuhan virus outbreak.

Meantime, it was reported that the number of coronavirus deaths in mainland China touched 1,016, according to National Health Commission data, whereas the number of infected exceeded already 42,600.

Moreover, the virus has also been detected in approximately two dozen other countries, and the WHO head  delivered a warning on Monday that cases outside of China may be “a spark that could turn into a bigger fire.”

Source: Reuters