MELBOURNE (Reuters) - U.S. crude oil futures climbed nearly 3% on Tuesday in light trading as the Trump administration launched an effort to work with Saudi Arabia to stabilise oil prices.
West Texas Intermediate (WTI) crude to $24.03, adding to gains on Monday.
Brent futures for May delivery rose 52 cents, or 1.9%, to $27.55.
“However volumes are terrible, they’re very low, so this is not a high confidence move,” CMC Markets and Stockbroking chief market strategist Michael McCarthy said.
The U.S. administration has appointed a special energy representative to Saudi Arabia, Victoria Coates, as part of a diplomatic push to stabilise energy markets, hammered by a price war between Saudi Arabia and Russia.
The market is testing support following a more than 60% slide in oil prices since the start of the year due to the impact of the coronavirus on global demand and a market share war between Saudi Arabia and Russia set to bloat oil supply from April.