Oil rally runs into turbulence after jump in Chinese virus cases - Panorama Insurance Brokers

Oil rally runs into turbulence after jump in Chinese virus cases

(Bloomberg) A nascent rebound in oil prices ran into turbulence after China’s Hubei province reported almost 15,000 new coronavirus cases as it changed its method for counting infections.

The government of the province at the heart of the outbreak said it had carried out a review of past suspected infections and revised its data to include “clinically diagnosed” cases in its daily disclosure. The announcement spurred a drop in crude, which had risen almost 5% since Monday’s close on optimism that the virus was easing, and the global economy would be spared a major slowdown. However, prices later clawed back some of their losses.

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