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Oil steadies after hitting 3-month low on coronavirus fears

January 28, 2020


Oil futures edged higher Tuesday, steadying after falling to morethan a threemonth low to start the week on fears China’s coronavirus outbreak could dent global demand for crude.

West Texas Intermediate crude for March delivery CLH20, +0.49% on the New York Mercantile Exchange rose 30 cents, or 0.6%, to $53.44 a barrel, while April Brent crude BRNJ20, +0.31% was up 9 cents, or 0.2%, at $58.68 a barrel. Both grades ended Monday at their lowest level since October as investors sold assets perceived as risky, including most commodities and equities, amid worries over the spread of the viral outbreak.

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