Oil is rising for the second day running as hopes grow for an early containment of the deadly Coronavirus in the world’s largest consumer of petrol, China.
The increase in price will erase worries in oil dependent nations like Nigeria which has hardly balanced its budget since oil price collapsed from the highs of six years ago.
On Thursday the internationally traded Brent crude surged to $56,19 a barrel also lifted by optimism OPEC+ will agree on deeper cuts in response to virus-led demand destruction, countering a further increase in U.S. crude stockpiles.
While Saudi Arabia and Russia are split over the threat the outbreak poses to global demand, talks between experts from OPEC coalition have been extended into a third day as they seek to determine the impact on consumption.
The prospect of a potential resolution helped to offset a larger-than-expected increase in American crude inventories.
