Oil jumps 3% towards $28 on Fed steps to support economy

Oil jumps 3% towards $28 on Fed steps to support economy

LONDON (Reuters) - Oil jumped 3% on Tuesday towards $28 a barrel, supported by steps by the U.S.. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.. The expected stimulus pushed the U.S. dollar lower against other currencies .DXY.. A weaker dollar tends to support the price of oil and other dollar-denominated commodities..