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Oil, stocks rise as investors hope on Coronavirus

Oil and stocks rose Wednesday as investor concerns

Oil and stocks rose Wednesday as investor concerns over the deadly Coronavirus receded further amid hopes the rate of infections is slowing considerably.

Brent, the internationally traded crude grade rose 4 per cent to near $56 a barrel bringing some cheers to treasury officials in Nigeria which set its price benchmark for this year’s federal budget at $55.

US stocks pushed higher into record territory in early trading following their European peers as data from China, the country the most affected by the virus indicated a fall in new cases.

Traditionally haven assets like gold fell as investors around the world began to rebalance their portfolios after the initial panic that saw a flight to safety.

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