Oil Prices Jump almost 4%, Reversing Early Losses

Oil prices jumped almost four percent in Asian afternoon trade Friday, reversing earlier losses sparked by the Saudi-Russia price war and fears about the economic impact of the coronavirus pandemic.

West Texas Intermediate was up 3.9 percent at nearly $33 a barrel while Brent crude rose 3.7 percent to more than $34 a barrel, after the US military launched air strikes in crude-rich Iraq. Both contracts had fallen more than two percent in early trade.