Oil price up over 4% as hopes of OPEC cut, stimulus counter virus gloom

Brent crude futures gained US$2.23, or 4.5%, to settle at $51.90 a barrel. The session low of $48.40 was its lowest since July 2017. U.S. West Texas Intermediate (WTI) crude futures rose $1.99, or 4.5%, to settle at $46.75 a barrel. The session low of $43.32 a barrel was the lowest since December 2018.

NEW YORK: Oil prices rose over 4% on Monday, reversing an early fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.

Brent crude futures gained US$2.23, or 4.5%, to settle at $51.90 a barrel. The session low of $48.40 was its lowest since July 2017.