Crude prices bounce up with U.S. stock markets after virus-related selloff

Crude prices bounce up with U.S. stock markets after virus-related selloff

"WTI is correlating to U.S. equities, which are stronger," said Bob Yawger, director of energy futures at Mizuho in New York.. Stronger equities can indicate economic strength and a better demand outlook for crude.. "There are folks who think 'if the equities are ripping, how bad can demand be,'" Yawger said.. The virus has been detected in more than a dozen countries, and the United States and other countries warned against travel to China.. OPEC officials have also started weighing options such as extending current oil output cuts until at least June, with the possibility of deeper reductions if oil demand in China is heavily hit by the virus, OPEC sources said..