Oil shows gains following biggest one-day decline since start of Gulf War

Oil dropped to start the week as a price war started between Russia and Saudi Arabia

Oil prices rebounded on Tuesday following a day that saw oil plummet 25 percent.

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The bounce came, along with stock futures after President Trump on Monday said he will be taking "major" steps to help the U.S. economy against the impact of the coronavirus.

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Oil dropped to start the week as a price war started between Russia and Saudi Arabia.

Currently, benchmark U.S. crude is gaining 4.6 percent, or $1.45, to $32.57 per barrel in electronic trading on the New York Mercantile Exchange. It lost 25 percent on Monday to $31.13 per barrel.

Brent crude, the standard for international oil prices, is up 4.7 percent, or $1.63 to $35.99 per barrel in London.

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Oil prices plunged on Monday to the lowest since February 2016 and was the biggest one-day percentage declines since Jan. 17, 1991, at the start of the Gulf War.

The Associated Press contributed to this article.