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.
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