2/19, 5:52 PM (Source: TeleTrader)
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Oil at three-week high as Wuhan virus fears recede

Crude extended gains midsession on Wednesday as demand worries seemed to have eased after China reported that the number of new cases of the coronavirus might be slowing down.

During a 24-hours period, 136 people died due to complications from the pneumonia-like disease, while 1,749 new infections were registered. However, the gradual awakening of the country's economy appeared to have lifted investor sentiment across commodity and financial markets.

West Texas Intermediate for March settlement rose 2.19% at 11:36 am ET to trade at $53.23 per barrel, the highest level for the near-month contract in three weeks. Global benchmark Brent for April delivery added 2.60% at 11:37 am ET, changing hands for $59.18 a barrel, climbing to over three-week high.

Breaking the News / GG