Global crude claws back losses after major price collapse

Oil prices have gained around nine percent on Tuesday following the biggest one-day rout in nearly three decades, after Saudi Arabia threatened to boost production and offer discounts.

Benchmark Brent rose nearly $3 to over $37 a barrel, while US West Texas Intermediate (WTI) crude was trading at around $34 a barrel.

Crude prices collapsed over the weekend after the disagreement between Russia and the Organization of the Petroleum Exporting Countries (OPEC) over deeper production cuts aimed at supporting global crude prices amid falling demand due to the coronavirus outbreak.

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