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Oil jumps 8% on stimulus hopes, spending cuts by U.S. producers

Oil jumps 8% on stimulus hopes, spending cuts by U.S. producers

Wednesday, March 11, 2020, 12:12 PM

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 US producers slashed spending in a move that could cut output. On Monday, US President Donald Trump pledged "major" steps to gird the US economy against the impact of the spreading coronavirus outbreak.
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