Oil jumps after rout on stimulus hopes but price war weighs - Reuters

Oil jumps after rout on stimulus hopes but price war weighs - Reuters:

Oil prices jumped by around 4% on Tuesday after the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus, although a looming price war weighed on sentiment.

U.S. 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, while Japan’s government plans to spend more than $4 billion in a second package of steps to cope with the virus.

Brent crude futures were up $1.44, or around 4%, to $35.80 a barrel by 0903 GMT, after hitting a session high of $37.38 a barrel.

West Texas Intermediate (WTI) crude gained $1.52, or around 5%, to $32.65 a barrel, after hitting a high of $33.73.

Both benchmarks plunged 25% on Monday, dropping to their lowest levels since February 2016 and recording their biggest one-day percentage declines since Jan. 17, 1991, when oil prices fell at the outset of the first Gulf War.