Ravaged oil rebounds on China move, price war hopes

London (AFP) April 2, 2020

Crude futures, ravaged by crushed global demand due to the coronavirus pandemic, surged Thursday on hopes of US help to end a Saudi-Russia price war that contributed to the slump. Benchmark contracts Brent North Sea and West Texas Intermediate soared more than 10 percent before paring gains somewhat. Around 1415 GMT, WTI was up 8.6 percent at $22.05 per barrel and Brent showed a gain of