Oil jumps after rout on stimulus hopes, Russian signal on OPEC talks - Reuters

Oil jumps after rout on stimulus hopes, Russian signal on OPEC talks - Reuters:

Oil prices jumped by around 8% on Tuesday a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with OPEC remained possible.

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 LCOc1 were up $2.84, around 8%, to $37.20 a barrel by 1228 GMT, after hitting a session high of $38.22 a barrel.

West Texas Intermediate (WTI) crude CLc1 gained $2.53, or around 8%, to $33.66 a barrel, after hitting a high of $34.60.