Oil prices gained on Tuesday as hopes rose that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected.

Brent crude (LCOc1) was up by 93 cents, or 2.8%, at $33.98 a barrel by 0431 GMT after falling more than 3% on Monday. U.S. crude (CLc1) was up by 79 cents, or 3.03%, at $26.87 a barrel, having dropped nearly 8% in the previous session.

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