This translation has been automatically generated and has not been verified for accuracy.Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic.
According to data through Tuesday, the growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 30. Still, international experts remained cautious over forecasting when the outbreak might reach a peak.“As the growth rate of new cases has decreased ... that has improved the sentiment,” said Kim Kwang-rae, commodities analyst at Samsung Futures in Seoul.
The world’s top oil exporter Saudi Arabia has reduced crude supplies to some Asian buyers in March, sources said. The U.S. Energy Information Administration on Tuesday cut its global oil demand growth forecast for this year by 310,000 bpd on lower consumption in China.
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