A day after falling to an 18-year low, oil prices rebounded strongly in Asian trade today. The growth was attributed to the investors' confidence returning following moves by policymakers to support the coronavirus-hit global economy.

The investors focused on stimulus measures rolled out by governments worldwide to support the virus-ravaged global economy, including a 2 trillion Dollars package in the US.

US benchmark West Texas Intermediate (WTI) jumped 7.3 percent to 21.5 US Dollars a barrel while Brent crude, the international benchmark, was up 3.3 per cent at 23.5 US Dollars a barrel.

In sharp contrast, yMonday prices had struck their lowest levels since 2002 in New York, with WTI briefly falling below 20 US Dollars a barrel.

Oil markets plunged as governments across the planet introduced lockdowns to stem the spread of the virus, hammering demand for the commodity.

The crisis has been worsened after top producers Saudi Arabia and Russia launched a price war following a row about reducing output to support virus-hit energy markets.