Oil jumps 10% following worst day since 1991

• Oil prices surged higher on Tuesday following reports that ongoing talks between OPEC and its allies, known as OPEC+, remain possible.
• Speaking to reporters Tuesday, Russian Energy Minister Alexander Novak said that Moscow had not ruled out measures with OPEC to stabilize oil markets, according to Interfax news agency.
• Russia’s energy ministry has proposed to hold a meeting with Russian oil companies on Wednesday, Reuters reported, citing two unnamed sources.
• International benchmark Brent crude gained $3.41, or 9.9%, to trade at $37.73 per barrel, while U.S. West Texas Intermediate futures were up 9.5% to trade at $34.08 per barrel. Earlier in the session WTI surged more than 10%.
• Prices rebounded following Monday’s plunge, which saw WTI and Brent drop 24% for their worst decline since 1991.

(Source: CNBC)