Oil rises over 3% on Fed steps to support economy, hopes of U.S. aid package

Oil rises over 3% on Fed steps to support economy, hopes of U.S. aid package

NEW YORK (Reuters) - Oil rose over 3% on Tuesday after the U.S.. The market was substantially off the day's highs and analysts remained pessimistic that oil prices would stage an extended recovery amid the worsening coronavirus pandemic and the ongoing oil price war between Saudi Arabia and Russia.. Brent LCOc1 futures rose 83 cents, or 3.1%, to $27.86 a barrel by 11:12 a.m. EDT (1512 GMT), while U.S.. A weaker dollar supports the price of dollar-denominated oil.. The price of oil has halved in 2020, hit by the demand shock caused by the coronavirus pandemic and efforts to contain it, and removal of supply limits by the Organization of the Petroleum Exporting Countries and other producers when a deal by OPEC and allies including Russia fell apart in early March..