Oil rose to $54 a barrel on Tuesday, recovering from a 13-month low as the numbe...
LONDON - Oil rose to $54 a barrel on Tuesday, recovering from a 13-month low as the number of new coronavirus cases slowed in China, easing some concerns about a lasting hit to oil demand.
Brent crude LCOc1 rose 82 cents to $54.09 a barrel by 1008 GMT. It fell to $53.11 on Monday, the lowest since January 2019. U.S. West Texas Intermediate CLc1 crude was up 72 cents at $50.29. The virus is already denting demand in the world’s second-largest oil consumer. Chinese state refiners plan to cut as much as 940,000 barrels per day - almost 1% of world demand - from their crude processing rates in February.
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