A Drop In Virus Cases Helps Support Oil Price Rise – 17 February, 2020

The slowdown of the spread of the coronavirus for a second straight day helped oil prices to rebound as much as 1%. Brent crude rose 59 cents or 1% to $58.34 per barrel, rising for a seventh straight day. U.S. oil rose 1.1% or 55 cents to $52.60. China, the worlds second largest economy, has seen a dramatic decrease in production due to the virus, having possibly impacted the global economy, though optimism about falling cases have investors attention in hopes that the economic fallout is short lived. OPEC cuts have also helped support the prices, withholding supplies to support prices as demand dropped.