Oil rises as markets wait on virus impact

• Oil prices rose for a second day on Wednesday, recouping some losses after a five-day rout on talk that OPEC could extend oil output cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles helped steady prices.
• Brent crude rose 35 cents, or 0.6%, to $59.86 per barrel. U.S. West Texas Intermediate crude was up 20 cents, or 0.4%, at $53.67 a barrel.
• Financial markets that have been hit by the spread of the virus out of China are trying to assess the economic fallout, with the death toll rising to 132 and airlines reducing flights to China.
• The Organization of Petroleum Exporting Countries wants to extend oil production cuts until at least June from March, and may deepen the reductions, should demand for oil in China be significantly reduced by the spread of the virus

(Source: CNBC)