Oil rises despite growing concern over spread of virus
Brent edges higher as investors cover short positions after three sessions of losses, even as fears of a global pandemic deepen
26 February 2020 - 07:44
Tokyo — Crude prices edged up on Wednesday as investors covered short positions after three sessions of losses, even as fears deepened that the rapid spread of the coronavirus will lead to a global pandemic.
Brent crude rose 42c, or 0.8%, to $55.37 a barrel by 1.54am GMT, while US West Texas Intermediate (WTI) crude gained 43c, or 0.9%, to $50.33 a barrel. Still, both benchmarks are down nearly 7% since last Thursday’s close...
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