Oil prices jump over $1 as sharp falls draw bargain buyers - Reuters

Oil prices jump over $1 as sharp falls draw bargain buyers - Reuters:

Oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market.

Brent crude LCOc1 was up by 3%, or 89 cents, to $30.94 a barrel by 0746 GMT, after hitting a high of $31.25.

U.S. West Texas Intermediate (WTI) crude CLc1 rose 4.7%, or $1.36, to $30.06, having come off a high of $30.21.

“Presumably, the market is getting supported by physical bargain hunters and short covering,” said Stephen Innes, chief markets strategist at AxiCorp.