SINGAPORE (Reuters) – Oil costs bounced around 6%on Tuesday, however experts saw long shot of a major healing from the most significant daily thrashing in almost 30 years after top manufacturers Saudi Arabia and Russia released a rate war.
FILE IMAGE: Drilling rigs run at sundown in Midland, Texas, U.S., February 13, 2019./ File Picture
Crude was supported by expect a settlement and potential U.S. output cuts, however gains could be brief as oil demand continues to be hit by the economic impact of the coronavirus outbreak.
Brent crude futures rose $2.36, or 6.9%, to $3672 a barrel by 0307 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.87, or 6%, to $3300 a barrel.
Both benchmarks plunged 25%on Monday, dropping to their lowest since February 2016 and recording their greatest one-day percentage declines considering that Jan. 17, 1991, when oil rates fell at the out