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Oil Futures Rebound, Settle Notably Higher

Crude oil prices edged higher on Tuesday, rebounding from recent losses, on reports the number of new cases infected from the coronavirus is slowing down.

West Texas Intermediate crude oil futures for March ended up $0.37, or about 0.8%, at $49.94 a barrel.

Brent Crude futures advanced $0.78, or 1.4%, to $54.05 a barrel.

On Monday, WTI crude oil futures for March ended down $0.75, or 1.5%, at $49.57 a barrel, the lowest settlement for a front-month contract since early January 2019.

According to reports, the number of confirmed infections due to coronavirus in China grew, to at least 42,638 from about 40,000 a day earlier. However, the daily tally of new cases have dropped compared with previous days.

Hubei recorded 2,097 new infections on Monday, compared with 2,618 a day earlier.

Traders also awaited the inventory reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA).

While API's weekly oil report is due later in the day, the data from EIA will be out at 10.30 AM ET on Wednesday.

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