Oil rises amid hope virus effects on global economy will be brief

US special representative for Venezuela Elliott Abrams during a briefing at the US department of state about new sanctions on February 18 in Washington. Picture: AFP/BRENDAN SMIALOWSKI

Brent crude was up by 59c, or 1%, at $58.34 a barrel by 0439 GMT, while US oil was up 55c, or 1.1%, at $52.60 a barrel. Official data showed that new cases in China fell for a second straight day, though the World Health Organisation has cautioned there is not enough data to know if the epidemic was being contained.

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