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Oil Snaps Five-Day Slide as Investors Weigh Virus Impact

  • Five airports closest to Wuhan had 48% fewer flights: RBC
  • Saudi Arabia says OPEC+ ready to stem any supply imbalance
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Photographer: Trevor Snapp/Bloomberg

Updated on

Oil rebounded from its lowest level since mid-October as investors weighed the extent to which China’s coronavirus would hurt fuel demand.

Futures recovered 0.6% in New York on Tuesday after losing more than 9% across five straight days of declines. Investors found comfort in the possibility of the Organization of Petroleum Exporting Countries and its allies extending and deepening production cuts at its March meeting to stave off any supply imbalances if the coronavirus outbreak worsens.