Oil rebounds on China's plans to support its economy | Reuters
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
Brent crude futures settled up $2.67, or 2.6%, at $104.99 a barrel, while U.S. West Texas Intermediate contracts were up $3.16, or 3.2%, at $101.70.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
NYMEX ultra-low-sulfur diesel futures rose 9.2% to settle at $4.47 a gallon, a record close, after Poland said that Russia warned that gas supply would stop on Wednesday.
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