Oil prices up as US boosts economic support measures

Oil prices rose on Tuesday in hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package, which could blunt the economic impact of the outbreak and, in turn, support oil demand, according to Reuters.

Brent crude oil futures for May delivery rose by 62 cents, or 2.3%, to $27.65 a barrel by 0346 GMT while West Texas Intermediate (WTI) crude futures gained 76 cents, or 3.3%, to $24.12.

Both price benchmarks had risen over $1 earlier before pulling back slightly.