Oil futures rose 1% Tuesday after a five-day losing streak as OPEC sources said the group and its allies might tighten the market amid fears that the coronavirus, which has claimed over 100 lives in China, could weigh on oil demand.
Brent crude, which oscillated between positive and negative territory, gained 59 cents, or 1%, to trade at $59.91 per barrel, having hit a three-month low of $58.50 on Monday.
U.S. West Texas Intermediate rose 53 cents, or 1%, to trade at $53.67 per barrel, after slipping to its lowest since early October in the previous session.
Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.