Brent and WTI oil rise after historic rout

Oil prices rebounded this morning as investors bet policymakers would launch new stimulus measures to soften the economic blow from the global coronavirus outbreak.

Brent crude, the international oil benchmark, rebounded 7.9% to $37.08 a barrel on Tuesday while the U.S. marker West Texas Intermediate (WTI) rose 7.5% to $33.45. In Monday’s rout, oil plunged by a quarter in its sharpest one-day drop since the 1991 Gulf war, The Financial Times reported.