Oil prices jumped by more than 3% on Wednesday on reports that scientists have developed an effective drug against the fast-spreading coronavirus that has weighed heavily on global economic activity.
News that
the Organization of the Petroleum Exporting Countries and its producer allies are considering further output cuts to counter a potential squeeze on global oil demand further supported that had collapsed by more than 20% since early January.
Both Brent crude oil futures LCOc1 and U.S. West Texas Intermediate (WTI) crude CLc1 jumped by more than 3% in morning trade. By 1040 GMT Brent was up $1.36, or 2.6%, at $55.32 a barrel and (WTI) was up $1.19, or 2.4%, at $50.80.
China's Changjiang Daily, the official newspaper of the city of Wuhan where the virus outbreak began, reported on Tuesday that a team of researchers led by Zhejiang University professor Li Lanjuan have found that drugs Abidol and Darunavir can inhibit the virus in vitro cell experiments.(here)
Separately, Sky News reported that a British scientist has made a significant breakthrough in the race for a vaccine by reducing part of the normal development time from two to three years to only 14 days.
A vaccine will be too late for the current virus but the breakthrough will be crucial if there is another outbreak, Sky said.
- Reuters
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