Petrol prices climbed by seven percent on Tuesday, following the largest single-day plunge seen in the last three decades, as investors search for signs of economic stimulus amid an ongoing coronavirus outbreak exacerbated by the oil price war.

Brent crude futures jumped some 7.3 percent early on Tuesday, or by $2.51, landing at $36.87 per barrel, while the US West Texas Intermediate (WTI) crude gained by 6.9 percent, bringing it to $33.28 a barrel.

Both benchmarks took a major hit on Monday, plunging by 25 percent and tanking to their lowest point since February 2016, the single largest one-day decline seen since 1991.

The decline of the oil demand has been reinforced by the demise of the OPEC+ production cuts agreement, as Moscow and Riyadh failed to deepen oil production cuts, triggering turmoil in the oil markets.

President Donald Trump responded to the rapidly falling prices on Monday with assurances that “major” steps would be taken to bolster the US economy.

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Source: RT