Oil prices rose more than $1 on Tuesday as the recent sharp falls due to the coronavirus pandemic encouraged bargain hunters to come forward, although the market remains volatile as the spread of the infection disrupts economies and hurts demand.
Brent crude was up by 1.5%, or 46 cents, to $30.51 a barrel by 0206 GMT, after hitting a high of $31.25.
U.S. West Texas Intermediate (WTI) crude rose 3.2%, or 92 cents, to $29.62, having come off a high of $30.21.
“Presumably, the market is getting supported by physical bargain hunters and short covering,” said Stephen Innes, chief markets strategist at AxiCorp.
