Oil prices clawed their way into positive territory on Tuesday as hopes that the world's biggest producers will agree to cut output outweighed analyst fears that a global recession in the wake of the coronavirus crisis could be deeper than expected.
Brent crude was up 83 cents, or 2.5per cent, at US$33.88 a barrel by 0936 GMT after falling more than 3per cent on Monday. West Texas Intermediate crude was up 95 cents, or 3.6per cent, at US$27.03, having dropped nearly 8per cent in the previous session.
However, the threat of a major recession hangs over the market after the hit to economic activity as a result of the coronavirus pandemic, with half the global population under some form of lockdown or social distancing measures.
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