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Oil prices rose for a second day on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that Opec will order deeper output cuts this week.

Brent crude rose $1.48 per barrel, or 2.5 per cent, to $53.18 per barrel at 0148 GMT. US West Texas Intermediate (WTI) rose $1.33, or 2.8 per cent, to $48.07 a barrel.

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