Crude cruises 3% as demand worries ease after fewer new coronavirus cases

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Crude cruises 3% as demand worries ease after fewer new coronavirus cases

On Wednesday, the 12th of February 2020, both US and UK crude futures’ prices ended up the day with solid gains after China’s top health advisor had reported the lowest number of coronavirus infection in a day since late January, suggesting the gruelling epidemic that killed more than 1,000 people thus far had steered cleared of a threshold or plateau level and had been on a correction course.

Concomitantly, as China’s top health advisor’s comment had prodded investors’ optimism that demand concerns related to China’s coronavirus epidemic might have turned the tables soon and the world’s largest oil exporter might just begin to recover from a financial fallout much earlier that thought initially, crude oil prices rallied as much as 3 per cent on Wednesday’s (February 12th), paring losses witnessed earlier this week.

Meanwhile, referring to a bounce back on petroleum demands, a partner at Again Capital in New York, John Kilduff said on Wednesday’s (February 12th) market wrap-up, “Gasoline demand is starting to rebound, and the modest drawdown in refined fuels helped to offset the bearish, blaring crude oil headline.

” Citing statistics, on Wednesday’s (February 12th) market round off, UK crude ended up the day 3.3 per cent higher to $55.83 per barrel, while the US West Texas Intermediate crude futures’ prices shot up 2.8 per cent to settle down at $51.34 a barrel.