Oil prices rebound after biggest one-day drop in 30 years amid oil price war & virus panic

Oil prices climbed by seven percent on Tuesday, following the largest single-day plunge seen in the last three decades, as investors search for signs of economic stimulus amid the ongoing coronavirus outbreak exacerbated by the oil price war.

Brent crude futures jumped 7.3 percent early on Tuesday, by $2.51, landing at $36.87 per barrel, while US West Texas Intermediate (WTI) crude gained by 6.9 percent, bringing it to $33.28 a barrel.

Both benchmarks took a major hit on Monday, plunging by 25 percent and tanking to their lowest point since February 2016, the single largest one-day decline seen since 1991.

A decline in oil demand has been reinforced by the demise of the OPEC+ production cuts agreement, as Moscow and Riyadh failed to deepen oil production cuts, triggering turmoil in the oil markets.

President Donald Trump responded to the rapidly falling prices on Monday with assurances that “major” steps would be taken to bolster the US economy.

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