Brent oil prices soared by more than 2 percent on Tuesday after the previous sharp drop during the last several sessions amid the coronavirus pandemic concerns and the price war between Russia and Saudi Arabia, but concerns over the U.S. recession remains through the market.
Brent crude futures jumped by 3.25 percent, to $30,49 per barrel, while WTI light crude grew in price by 3,08 per barrel at 1124 GMT.
The U.S. in its turn said it will take advantage of low oil prices to replenish its strategic reserves, other countries and companies are planning similar measures to fill their stocks.
Countries including the U.S., Canada and countries from Europe and Asia as well are making unprecedented moves to contain the infection, severely decreasing demand for crude and refined products along with gasoline and jet fuel.
Gasoline refining margins in the U.S., the world’s biggest consumer of the fuel, tumbled by near 95 percent on Monday, briefly shifting towards negative zone, as people stay confused.
In Asia, margins for transportation energy had also diminished after more nations announced travel limitations and decreased domestic movement as part of measures to contain the infection spread.