Oil up on slowing pace of coronavirus

• Oil prices rose on Wednesday, with Brent gaining for a seventh straight day, after a slowing of new coronavirus cases in China eased demand worries and supply was curtailed by a U.S. move to cut more Venezuelan crude from the market.
• Brent crude was up 73 cents, or 1.2%, to trade at $58.48 per barrel, while U.S. West Texas Intermediate crude gained 70 cents, or 1.3%, to trade at $52.75 a barrel.
• China, the world’s second-largest economy, has imposed city lock-downs and travel restrictions to contain a virus that has now killed more than 2,000 people, stoking concern over an economic slowdown and a hit to oil demand.
• Official data showed new cases in China fell for a second straight day, although the World Health Organization has cautioned there is not enough data to know if the epidemic is being contained.
• Brent has risen nearly 10% since falling last week to its lowest this year. The market structure is also showing signs of prompt demand for oil picking up, as the front-month Brent futures market is moving deeper back into backwardation, when near-term prices are higher than later-dated prices.

(Source: CNBC)