Oil rises, extending gains amid optimism over China coronavirus

Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China as a sign fuel demand may rebound in the world's biggest oil importer.

Brent futures rose by 98 cents, or 1.8%, to $56.26 a barrel by 0311 GMT, having risen 2.4% in the last session. US West Texas Intermediate (WTI) futures gained $1.08, or 2.1%, to $51.83 a barrel after rising 2.3% on Wednesday.

The Joint Technical Committee for OPEC+ has been meeting this week to consider increasing output cuts by an additional 500,000 barrels per day or to extend current cuts beyond March. OPEC+ ministers are due to meet on March 5 and 6.

In the US, gasoline stockpiles dropped last week, counter to analysts' expectations for a gain, and diesel inventories fell more than expected, the Energy Information Administration reported.

However, crude stockpiles rose by a more-than-expected 3.4 million barrels last week to 435 million barrels.