Oil prices jumped more than 3% on Wednesday, amid reports that scientists have developed an effective drug against the rapidly spreading Corona virus, which has weighed heavily on global economic activity.
News that the Organization of the Petroleum Exporting Countries (OPEC) and its producing allies are considering further cuts to meet potential pressure on global oil demand, which has supported it more and which has collapsed by more than 20% since early January.
US Brent crude and West Texas Intermediate (WTI) crude futures jumped more than 3% in morning trading. By 0947 GMT, Brent crude rose $ 1.44, or 2.6%, to $ 55.40 a barrel and (WTI) rose $ 1.19, or 2.4%, at $ 50.80.
