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Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut to offset lost demand from the spread of the coronavirus.

NEW YORK — With the coronavirus outbreak spreading to more countries, the price of oil has dropped precipitously as global demand weakens even further.

Oil ended the session Feb. 18 flat after U.S. sanctions on Russia’s largest oil producer helped to erase losses driven by lingering concerns that coronavirus will cut demand.

Oil gained for a fourth session, the longest rising streak this year, amid signs that the worst impacts of the coronavirus outbreak may be easing.

The International Energy Agency expects demand for oil to fall in the first quarter as a result of the virus outbreak that emanated in China. Any fall would represent the first quarterly decline in a decade.

Oil traders in Asia are expecting refineries to cut operating rates and extend shutdowns as the spread of coronavirus stops people from flying or traveling by road.

Oil traded near the lowest close since mid-October as the market was dominated by alarm that the deadly coronavirus will hurt economic activity in China and beyond.

Oil traded near a six-week low as industry data showing an increase in U.S. crude stockpiles reaffirmed expectations that global markets will be oversupplied in the first part of the year.

Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.

Oil rose for a fifth session, the longest run of gains since July, as a bigger-than-forecast decline in U.S. crude stockpiles eased oversupply concerns.