BREAKING: Oil Prices Jump Almost 4%, Reversing Early Losses

Fears about the economic impact of the Coronavirus pandemic has been allayed as Oil prices jumped almost four percent in Asian afternoon trade Friday, reversing earlier losses sparked by the Saudi-Russia price war.

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 airstrikes in crude-rich Iraq. Both contracts had fallen more than two percent in early trade.