Oil prices jump as recent sharp falls draw investors

Oil prices jump as recent sharp falls draw investors

Oil prices rose more than $1 this morning as the recent sharp falls due to the coronavirus pandemic encouraged bargain hunters to come forward, although the market remains volatile as the spread of the infection disrupts economies and hurts demand.

Brent crude was up by 1.5%, or 46 cents, to $30.51 a barrel by 0206 GMT, after hitting a high of $31.25.

U.S. West Texas Intermediate (WTI) crude rose 3.2%, or 92 cents, to $29.62, having come off a high of $30.21.

Amid heavy demand loss from the global spread of the virus that causes COVID-19, Saudi Arabia and Russia started a price war after failing to agree to extend their pact to cut output to support the market, Reuters reported.

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