Seoul — Oil prices rose for a second day on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that the Organisation of the Petroleum Exporting Countries will order deeper output cuts.
Since Friday, WTI has gained 7.2% while the front-month Brent contract has climbed 7%, the biggest two-day percentage gains for both contracts since prices snapped back after the missile attacks on Saudi Arabian oil facilities in September 2019. The coronavirus, which originated in China, has spread to more than 60 countries and has killed more than 3,000 people globally.
Opec and its allies, a group known as Opec+, are expected to announce deeper output cuts at their meeting on March 5-6 in Vienna. The group had agreed to cut output by 1.7-million barrels a day in a deal that runs to the end of March.
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