Share this contentNEW YORK: Oil prices jumped by almost 8 per cent on Tuesday , bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of economic stimulus encouraged buying and US producers slashed spending in a move that could cut output.
Oil, which plunged about 25 per cent on Monday, rebounded on Tuesday along with equities and other financial markets. Both benchmarks plunged on Monday to their lowest since February 2016, their biggest one-day percentage declines since Jan 17, 1991, at the outset of the first Gulf War. "Oil prices have managed to hold on to some gains despite Saudi Arabia's announcement to open the floodgates in April," Rystad's Tonhaugen said, noting"Saudi Arabia is not bluffing and the market will feel it next month."
Saudi Arabia's energy minister told Reuters he did not see a need to hold an OPEC+ meeting in May-June if there was no agreement on measures to deal with the impact of the coronavirus on oil demand and prices.
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