2020.02.2010:19:00UTC+00Oil Prices Mixed In Cautious Trade

Oil prices were mixed in cautious trade on Thursday as mainland China reported the lowest number of confirmed cases of a new coronavirus since late January, after making changes to how cases are diagnosed and confirmed in Hubei province, the epicenter of the outbreak.

U.S. industry data showing a bigger-than-expected build in crude oil inventories also weighed on the commodity.

Benchmark Brent crude edged down 0.1 percent to $59.05 a barrel, after hitting as high as $59.71 earlier in the day. The contract climbed 2.4 percent on Wednesday. West Texas Intermediate (WTI) crude futures were up 0.15 percent at $53.56 per barrel.

According to the National Health Commission, China had 394 new confirmed cases on Wednesday, sharply down from 1,749 cases a day earlier and the lowest since Jan. 23.

However, the spread of coronavirus to other parts of the world such as South Korea and Japan rekindled worries about a global contagion.

There were over 70 confirmed cases in Japan as of Wednesday, the third highest number after China, while South Korea reported 31 new cases of the new coronavirus today, bringing the total number of infections here to 82.

The focus also turned on supply risks after the Trump administration announced sanctions against a Russian oil firm and tensions in Libya led to a blockade of its ports.

Libya's internationally recognized leader Fayez al-Serraj dashed hopes of reviving peace negotiations on Wednesday after the Libyan National Army (LNA) of Khalifa Haftar shelled the port of the capital, which is held by al-Serraj's government.