Oil prices bounce back from 13-month lows

ANKARA

Crude oil prices opened higher on Tuesday to bounce back from 13-month low, after coronavirus outbreak in China is expected to keep global oil demand weak.

Price of Brent crude was trading at $54.95 per barrel at 0626 GMT on Tuesday, for a 1.36% gain after ending the previous session at $54.21 a barrel.

The international benchmark hit as low as $53.95 per barrel earlier Tuesday, marking its lowest level since Jan. 3, 2019, according to official data.

American benchmark West Texas Intermediate (WTI) was trading at $50.64 a barrel at the same time for a 1.46% increase after closing the previous day at $49.91 per barrel.

WTI hit as low as $49.66 a barrel during its Monday trading -- its lowest level since Jan. 8, 2019.

The death toll in China from the novel coronavirus outbreak climbed to 425, according to the country’s National Health Commission (NHC) on Tuesday.

NHC said it has so far received a total of 20,438 confirmed cases, adding a total of 64 people died over the last 24 hours.

Outbreak of the virus continues to keep crude demand low around the world, and maintaining downward pressure on oil prices.