Crude oil prices were up to trade higher after they posted losses in an earlier session with coronavirus fears that triggered the risk of low global oil demand.
Brent crude was trading at $56.07 per barrel at 0631 GMT on Tuesday for a 0.73% gain after closing Monday at $55.66 a barrel. The international benchmark fell 1.29% on the previous session.
American benchmark West Texas Intermediate (WTI) was at $51.76 a barrel at the same time for a 0.6% increase after ending the previous day at $51.45 per barrel with a 1.19% decline.
While Brent hit as low as $54.59 per barrel on Monday, WTI fell to as much as $50.45 a barrel amid coronavirus fears.
The death toll in China from the coronavirus outbreak has increased to 2,665, while the total number of confirmed cases rose to more than 77,650, according the country’s National Health Commission on Tuesday.
The coronavirus, officially known as COVID-19, has spread to more than 25 other countries, including the U.S., the U.K., Singapore, France, Russia, Spain and India.
The World Health Organization (WHO) has declared the outbreak an international health emergency.
By Ovunc Kutlu