Oil prices pared losses after earlier hitting multi-year lows on Monday as hopes that a bigger than expected production cut from OPEC and stimulus from central banks could offset economic gloom from the coronavirus outbreak.
Brent crude (LCOc1) was at $50.32 a barrel, up 65 cents, or 1.3%, by 0105 GMT, after earlier dropping to $48.40, the lowest since July 2017.
U.S. West Texas Intermediate crude (CLc1) hit a 14-month low of $43.32 a barrel, before recovering to $45.23, up 47 cents, or 1.1%.
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