Oil extends gains but stays below 30 dollors

Singapore: Oil rose further Friday after a dramatic rebound from multi-year lows but stayed below $30 a barrel on fears the deadly coronavirus will push the world into recession with an oversupply.

US benchmark West Texas Intermediate (WTI) was up 3.65 per cent to $ 26.14 a barrel in midday Asian trade. Brent climbed 2.14 per cent to $ 29.08 a barrel.

On Thursday, WTI rebounded by more than 23 per cent following US government moves to help American crude producers weather a slump in demand caused by the coronavirus pandemic, recovering almost as spectacularly as it had plunged in recent days.