Oil prices bounced back 7 percent today (Tuesday), as investors eyed the possibility of economic stimulus despite a price war by top producers Saudi Arabia and Russia that sparked the biggest one-day fall since 1991.
Brent crude futures raised $2.51 or 7.3 percent, 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 of the benchmarks slumped 25 percent on Monday, dropping to their lowest since 2016 and recording their biggest one-day decline in nearly 30 years.
After the bounced back, Asian shares bounced and bond yields rose from historic lows as speculation of coordinated stimulus from global central banks and governments calmed panic selling.
Saudi Arabia plans to stimulus its crude output above 10 million barrels per day (bpd) in April from 9.7 million bpd in recent months and slashed its export prices to persuade the industries to buy more.
In this regard, Russia also said that it could lift output and that it could cope with low oil prices for six to 10 years.
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