2020.02.1909:37:00UTC+00Oil Prices Rally On Supply Concerns

Oil prices rose over 1 percent on Wednesday, with Brent climbing for a seventh day running, after the United States imposed tough economic sanctions against a Russian oil giant that is keeping Venezuela's ruling government afloat.

Benchmark Brent crude jumped 1.45 percent to $58.58 a barrel, while U.S. oil futures were up 1.4 percent at $53.01.

The U.S. has sanctioned Rosneft PJSC, a unit of Russia's largest oil producer, for maintaining ties with Venezuela's Nicolas Maduro and state-run oil company PDVSA.

The move representing the latest escalation in the Trump administration's campaign to oust Maduro and rally international support behind Venezuelan opposition leader Juan Guaido raised concerns over supply.

Markets also cheered data showing a slight decline in new coronavirus cases for the second day running.

According to the National Health Commission, mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, down from 1,886 cases a day earlier and the lowest since Jan. 29.

Meanwhile, speculation is rife that China will cut its benchmark loan prime rate Thursday to offset the economic damage caused by the coronavirus outbreak.