Oil rebounds from 13-month low as new coronavirus cases slow down

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Oil rebounds from 13-month low as new coronavirus cases slow down

On Tuesday, the 11th of February 2020, both US and UK crude oil futures’ prices gained more than 1 per cent after new China coronavirus data had shown that the number of infections was slowing down, while a remark from former WHO executive who had steered China clear of 2002-03 coronavirus-related SARS epidemic that the latest epidemic could be erased by end-April added to investors’ optimism despite growing scepticism from WHO (World Health Organization).

Meanwhile, Tuesday’s (February 11th) crude oil rally was almost entirely goaded by a comment from Chinese Government’s top medical adviser who forecasted that the epidemic could reach a peak by February and then would likely to enter in to a plateau phase in March before easing on April.

Besides, adding that the markets were holding on to positive remarks despite growing scepticism from WHO which had cautioned of a global-scale outbreak, President of Lipow Oil Associates, Andy Lipow said on Tuesday’s (February 11th) market wrap-up, “Oil prices are rallying on the fact that less coronavirus cases were reported today compared to yesterday.

However, I still think that OPEC+ needs to take some action because there has been a serious dent in oil demand here in February. ” Citing statistics, on Tuesday’s (February 11th) market round off, Brent crude futures’ prices wrapped up the day 1.7 per cent higher to $54.17 per barrel, while the US Texas Intermediate crude futures’ prices gained 1.1 per cent to wind down the day at $50.10 per barrel.