Oil bounces 8% on economic stimulus hopes, coronavirus slowdown in China
Oil prices bounced 8 per cent on Tuesday from the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus amid a price war between Russia and Saudi Arabia and as new virus cases slowed in China.
President Donald Trump on Monday said he will be taking “major” steps to gird the U.S. 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 by $2.85, or 8.3 per cent, to $37.21 a barrel by 0605 GMT, while U.S. West Texas Intermediate (WTI) crude gained $2.46, or 7.9 per cent, to $33.59 a barrel.
