Today, oil prices have jumped more than 4%, after falling early to their lowest levels in several years, with concerns about the damage to demand in oil diminished by the outbreak of the Corona virus in front of the sharpest cut in OPEC production and monetary stimulus from central banks.
Brent contracts ended the session higher by $ 2.23 to record $ 51.90 a barrel. Earlier in the session, the global benchmark crude fell to its lowest level since July 2017 at $ 48.40.
US benchmark West Texas Intermediate crude futures rose $ 1.99, or 4.45 percent, to settle at $ 46.75 a barrel, after falling during the session to the lowest level since December 2018 at $ 43.32.
These are the first gains for both benchmarks after six consecutive sessions of losses raised by fears of the Coronavirus, which has killed nearly 3,000 people and jolted global markets.
