Oil tests recovery from historic crash following global price war

Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in the midst of simultaneous supply and demand shocks.

Futures rose about 4% in early Asian trading on Tuesday after collapsing by a quarter on Monday — the biggest price drop since the 1991 Gulf War. A gauge of volatility in New York futures jumped to the highest level since at least 2007.

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