Oil prices bounced back 7% on Tuesday from the biggest one-day rout in nearly 30…


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Oil prices bounced back 7% on Tuesday from the biggest one-day rout in nearly 30... 3

Oil prices bounced back 7% on Tuesday from the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus despite a price war between top producers Saudi Arabia and Russia.

US President Donald Trump on Monday said he will be taking “major” steps to gird the US economy against the impact of the spreading coronavirus outbreak and will discuss a payroll tax cut with congressional Republicans on Tuesday.

Brent crude futures rose $2.51, or 7.3pc, to $36.87 a barrel by 0418 GMT, while US West Texas Intermediate (WTI) crude gained $2.15, or 6.9pc, to $33.28 a barrel.

Both benchmarks plunged 25pc on Monday, dropping to their lowest since February 2016 and recording their biggest one-day percentage declines since Jan 17, 1991, when oil prices fell at the outset of the US Gulf War.

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Oil prices bounced back 7% on Tuesday from the biggest one-day rout in nearly 30... 7


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