Russia has said that it will refuse to sell oil to countries that abide by the price caps. (Photo by ronaldlau from Pixabay)

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Oil prices have increased as demand concerns have eased due to the slowing rate of confirmation of new coronavirus cases in China.

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Experts expect this to raise investor hopes that fuel demand in the country may start recovering from the impact of the viral infection.

According to Reuters, Brent crude futures were up at $55.13 per barrel. US West Texas Intermediate (WTI) futures rose $0.74 to $50.68 a barrel, reported Reuters

The US Energy Information Administration (EIA) cut its global oil demand growth forecast for this year by 310,000 barrels per day (bpd).

Travel bans and quarantines to and from China have harmed fuel demand. Chinese refiners have already said that they will cut more than 940,000bpd from their crude production this month.

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Samsung Futures Seoul commodities analyst Kim Kwang-rae was said: “As the growth rate of new cases has decreased that has improved the (market) sentiment.”

The OPEC+ group has recommended a further production cut of 600,000bpd.

However, Russia announced that it needs more time to decide whether to implement this recommendation.

The American Petroleum Institute (API) said that US crude reserves rose by six million barrels to 438.9 million as of 7 February.

US investors are still awaiting official data from the EIA.

The death toll from the virus has reached 1,115, including the one reported in the Philippines. The number of cases of infection has increased to 45,100 globally as of the end of 11 February. This represents an increase of 97 deaths in mainland China from the day before.