The World Health Organization (WHO) played down the media reports, saying there are “no known effective therapeutics” against the virus.
Lending further support to oil was news that the Organization of the Petroleum Exporting Countries (OPEC) and its producer allies are considering further output cuts to counter a potential squeeze on global oil demand.
Brent crude oil futures were up $2.43, or 4.5%, at $56.41 U.S. a barrel. U.S. West Texas Intermediate crude gained $2.05, or 4%, to $51.71 U.S.
China’s Changjiang daily reported on Tuesday that a research team at Zhejiang University had found two new drugs that can effectively “inhibit coronavirus”.
Also Wednesday, the U.S. Energy Information Administration reported that for the week ending Jan. 31 inventory increased by 3.4 million barrels. Analysts had been expecting a build of 2.8 million barrels, according to experts estimates.
Data from the American Petroleum Institute showed on Tuesday that U.S. crude oil stocks rose by 4.2 million barrels to 432.9 million barrels in the week to Jan. 31, well above analyst expectations for a build of 2.8 million barrels.