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
FOX Business contributor Phil Flynn discusses falling oil prices amid coronavirus fears and OPEC’s price war.
Oil prices rebounded on Tuesday following a day that saw oil plummet 25 percent.
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.
Former Shell Oil President John Hofmeister discusses the implications of oil’s selloff.
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.