2020.02.1110:07:00UTC+00Oil Bounces Back From One-year Low

Oil prices bounced back from a one-year low on Tuesday as the new number of new coronavirus cases slowed in China, helping ease worries that the virus will dent demand in the world's second-largest economy.

Benchmark Brent crude for April delivery climbed 1.5 percent to $54.08 a barrel, after having dropped 2.2 percent in the previous session.

West Texas Intermediate crude futures for March were up 1.4 percent at $50.27, after having fallen 1.5 percent on Monday to reach its lowest level in 13 months.

The rate of virus infection in mainland China seemed to have slowed over the past two weeks, though experts fear the return of tens of millions of migrant workers after an extended holiday vacation could lead to a surge in infections.

The death toll climbed above 1,000 today, while the number of new confirmed cases fell.

Meanwhile, media reports suggest that the Organization of Petroleum Exporting Countries is unlikely to meet in February to discuss the impact of the coronavirus on oil markets.

Investors await U.S. inventory reports due later today and tomorrow for further direction.