Oil clawed back some losses after its biggest drop in three decades as investors grappled with simultaneous supply and demand shocks and the most volatile market on record.

West Texas Intermediate crude for April delivery rose 7.6% to $33.49 a barrel on the New York Mercantile Exchange as of 1:25 p.m. in Singapore. It crashed by more than $10 a barrel on Monday to end at $31.13, the lowest since early 2016.

Brent for May settlement advanced 7.7% to $36.99 a barrel on the London-based ICE Futures Europe exchange after plummeting 24% on Monday. The global crude benchmark traded at a $3.10 a barrel premium to WTI for the same month.

Source : Bloomberg