By Kim Khan
Investing.com - Oil prices were higher Monday, although off earlier highs, as bargain-hunting helped demand after six losing sessions on fears about the spread of Covid-19.
WTI futures rose 55 cents, or 1.2%, to $45.31 at 8:26 AM ET (13:26 GMT).
London-traded Brent, the global benchmark, gained 51cents, or 1.1%, to $50.19.
The oil market is showing some resilience to start the week on hopes that central banks, especially the Federal Reserve, will step in to bolster the economic damage done by the novel coronavirus.
Fed funds futures are pricing in a 100% chance that the Fed will cut rates by 50 basis points at its meeting March 18, according to Investing.com’s Fed Rate Monitor Tool.
OPEC+ could step in to help bolster prices as well. The group will meet March 5-6 in Vienna.
“Inaction by OPEC+ would likely trigger another potentially severe bout of selling,” analysts at Fitch Solutions said, according to Reuters.