Oil rises a second day in ‘relief rally’ over China
Oil futures rose for a second day on Thursday as investors took optimism around unconfirmed reports of possible medical advances to combat the coronavirus outbreak in China as a sign fuel demand could rebound in the world’s biggest oil importer.
Prices also gained after a government report on Wednesday showed US gasoline and diesel inventories fell.
Brent futures rose by 62 cents, or 1.1 per cent, to $55.90 a barrel by 0142 GMT, having risen 2.4 per cent in the last session. US West Texas Intermediate (WTI) futures gained 73 cents, or 1.4 per cent, to $51.48 a barrel after rising 2.3 per cent on Wednesday.