Oil prices jump almost 4%, reversing early losses

Oil prices jumped almost four per cent in Asian afternoon trade on 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 per cent at nearly USD 33 a barrel, while Brent crude rose 3.7 per cent to more than USD 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.