<p>Oil prices rebounded strongly in Asian trade Tuesday a day after falling to 18-year lows, as investors took heart from moves by policymakers to support the coronavirus-hit global economy.</p>.<p>US benchmark West Texas Intermediate jumped 7.3 percent to $21.5 a barrel while Brent crude, the international benchmark, was up 3.3 percent at $23.5 a barrel.</p>.<p>In New York on Monday, prices struck their lowest levels since 2002, with WTI briefly falling below $20.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-india-news-live-updates-statewise-total-number-of-cases-deaths-statistics-lockdown-latest-news-817763.html">Follow latest updates on the COVID-19 pandemic here</a></strong></p>.<p>Oil markets have plunged as governments across the planet introduce lockdowns to stem the spread of the virus, hammering demand for the commodity.</p>.<p>About two-fifths of the globe's population have now been confined to their homes, while the death toll has soared over 37,000, with the US suffering a serious and escalating outbreak.</p>.<p>The crisis has been worsened after top producers Saudi Arabia and Russia launched a price war following a row about reducing output to support virus-hit energy markets.</p>.<p>In its latest move to win market share, Riyadh announced Monday it would raise exports by 600,000 barrels per day to a record 10.6 million barrels per day in May.</p>.<p>But prices rebounded strongly Tuesday as investors bought at bargain prices and focused on stimulus measures rolled out by governments worldwide to support the virus-ravaged global economy, including a $2-trillion package in the US.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-india-update-state-wise-total-number-of-confirmed-cases-deaths-on-march-31-819486.html">Coronavirus India update: State-wise total number of confirmed cases, deaths</a></strong></p>.<p>Markets were also buoyed by a phone call Monday between US President Donald Trump and Russian counterpart Vladimir Putin where they discussed oil prices.</p>.<p>Stephen Innes, AxiCorp chief global market strategist, said Trump's call may have been an "attempt to get Russia to pull up a chair to the negotiating table with Saudi Arabia, or maybe even (looking at) loosening sanctions on Russia, as desperate times call for drastic solutions".</p>.<p>He said any sign of Moscow and Riyadh putting aside their differences would be positive but added that the market "is not entirely buying into it".</p>.<p>There have also been warnings that oil could sink even further as storage tanks around the world approach full capacity.</p>
<p>Oil prices rebounded strongly in Asian trade Tuesday a day after falling to 18-year lows, as investors took heart from moves by policymakers to support the coronavirus-hit global economy.</p>.<p>US benchmark West Texas Intermediate jumped 7.3 percent to $21.5 a barrel while Brent crude, the international benchmark, was up 3.3 percent at $23.5 a barrel.</p>.<p>In New York on Monday, prices struck their lowest levels since 2002, with WTI briefly falling below $20.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-india-news-live-updates-statewise-total-number-of-cases-deaths-statistics-lockdown-latest-news-817763.html">Follow latest updates on the COVID-19 pandemic here</a></strong></p>.<p>Oil markets have plunged as governments across the planet introduce lockdowns to stem the spread of the virus, hammering demand for the commodity.</p>.<p>About two-fifths of the globe's population have now been confined to their homes, while the death toll has soared over 37,000, with the US suffering a serious and escalating outbreak.</p>.<p>The crisis has been worsened after top producers Saudi Arabia and Russia launched a price war following a row about reducing output to support virus-hit energy markets.</p>.<p>In its latest move to win market share, Riyadh announced Monday it would raise exports by 600,000 barrels per day to a record 10.6 million barrels per day in May.</p>.<p>But prices rebounded strongly Tuesday as investors bought at bargain prices and focused on stimulus measures rolled out by governments worldwide to support the virus-ravaged global economy, including a $2-trillion package in the US.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-india-update-state-wise-total-number-of-confirmed-cases-deaths-on-march-31-819486.html">Coronavirus India update: State-wise total number of confirmed cases, deaths</a></strong></p>.<p>Markets were also buoyed by a phone call Monday between US President Donald Trump and Russian counterpart Vladimir Putin where they discussed oil prices.</p>.<p>Stephen Innes, AxiCorp chief global market strategist, said Trump's call may have been an "attempt to get Russia to pull up a chair to the negotiating table with Saudi Arabia, or maybe even (looking at) loosening sanctions on Russia, as desperate times call for drastic solutions".</p>.<p>He said any sign of Moscow and Riyadh putting aside their differences would be positive but added that the market "is not entirely buying into it".</p>.<p>There have also been warnings that oil could sink even further as storage tanks around the world approach full capacity.</p>