Oil price jumps 8% on stimulus hopes, spending cuts by US producers

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NEW YORK:Oil prices jumped over 8% on Tuesday, bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of economic stimulus encouraged buying and U.S. producers slashed spending in a move that could cut output.

On Monday, U.S. President Donald Trump pledged "major" steps to gird the U.S. economy against the impact of the spreading coronavirus outbreak. Japan's government said it planned to spend more than $4 billion in a second package of steps to cope with the virus.