Oil prices jump 2% as virus vaccine reports spur hope

Brent crude oil futures ended the session up $1.32, or 2.5%, at $56.46 a barrel while U.S. West Texas Intermediate (WTI) crude gained $1.14, or 2.3%, to settle at $50.75. Both contracts rose more than 4% during the session.

NEW YORK: Oil prices jumped about 2% on Wednesday on media reports that suggested scientists were developing a vaccine for the fast-spreading coronavirus, even as world health experts said treatments have not yet been found.

Also supporting oil was news that the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies were considering further output cuts to counter a potential squeeze on global oil demand.