Oil Posts Biggest Gain since Early January on Easing Virus Fears

WTI climbs above $51 despite 7.46 million-barrel stock build
China reported a reduction in new virus infections on mainland

Pipework and valves sit on the drilling platform on the Johan Sverdrup oil field off the coast of Norway in the North Sea, on Tuesday, Dec. 3, 2019. Sverdrup's earlier-than-expected start in October broke a long trend of underperformance for Norway's overall oil production.Photographer: Carina Johansen/Bloomberg

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By Jackie Davalos

February 11, 2020 at 11:47 PM UTC

Updated on

February 12, 2020 at 9:12 PM UTC

This article is for subscribers only.

Oil posted the biggest gain in almost six weeks as signs that the spread of Asia’s coronavirus may be slowing boosted investor confidence that crude’s sell-off has peaked.

Futures in New York climbed 2.5% on data from China that showed a drop in suspected coronavirus infections. The positive sentiment was largely undeterred by a government report showing U.S. crude stockpiles posted the largest build since November.