Oil rises 1% on hopes demand will rebound from coronavirus effect

Financial Post | Feb 14, 2020 at 5:01 PM
  • Oil prices rose on Friday, on track for their first weekly gain since early January as investors bet the economic impact of the coronavirus would be short-lived and hoped for further Chinese central bank stimulus to tackle any slowdown.
  • Brent has fallen 15% since the beginning of the year in part due to worries the coronavirus outbreak would stunt the global economy.
  • The International Energy Agency (IEA) said first-quarter oil demand was set to fall versus a year earlier for the first time since the financial crisis in 2009 because of the outbreak.