Oil prices rebound strongly from 18-year lows

Oil prices rebounded strongly in Asian trade Tuesday a day after falling to 18-year lows, as investors took heart from moves by policymakers to support the coronavirus-hit global economy.

US benchmark West Texas Intermediate jumped 7.3 percent to $21.5 a barrel while Brent crude, the international benchmark, was up 3.3 percent at $23.5 a barrel.

In New York on Monday, prices struck their lowest levels since 2002, with WTI briefly falling below $20.

Oil markets have plunged as governments across the planet introduce lockdowns to stem the spread of the virus, hammering demand for the commodity.

About two-fifths of the globe's population have now been confined to their homes, while the death toll has soared over 37,000, with the US suffering a serious and escalating outbreak.

But prices rebounded strongly Tuesday as investors bought at bargain prices and focused on stimulus measures rolled out by governments worldwide to support the virus-ravaged global economy, including a $2-trillion package in the US.

Markets were also buoyed by a phone call Monday between US President Donald Trump and Russian counterpart Vladimir Putin where they discussed oil prices.