Oil accelerated growth in hopes of Central Bank incentives

Oil prices accelerated growth on Tuesday amid expectations that global central banks are likely to decide on financial incentives to compensate for the effects of the coronavirus outbreak, as well as due to growing optimism about the further reduction in production that OPEC may have will agree this week.

Futures for Brent crude oil rose 1.22% to $ 53.12 by 14:55 UTC, futures for WTI – 2.87% to $ 48.09 per barrel.

“Oil prices partially recovered last week’s losses amid a general rally in the markets, assurances of economic incentives and expectations of reduced production by oil producing countries,” said Ole Hansen, commodity market strategist at Saxo Bank.

G7 finance ministers and central bank governors will hold a conference call on Tuesday to discuss measures to deal with the growing outbreak of coronavirus and its economic consequences, a U.S. Treasury spokeswoman said Monday.