SINGAPORE (AFP) - Oil costs rebounded strongly Thursday an afternoon after US crude hit its lowest level for 18 years, as the ecu relevant bank launched a bond-shopping for scheme to combat the coronavirus pandemic.

US benchmark West Texas Intermediate was up almost 17 percentage at nearly $24 a barrel, an afternoon after plunging 24 percent.

international benchmark Brent crude became up eight.5 percentage at $27 a barrel, a day after slumping 14 percent.

Oil markets had been hammered due to collapsing demand because the virus prompts sweeping journey regulations and enterprise closures, and as fundamental manufacturers Saudi Arabia and Russia engage in a rate battle.

Thursday s leap got here as investors sold the commodity at bargain charges, and followed the ECB s surprise declaration of a 750-billion-euro scheme to buy authorities and company bonds.

The so-called Pandemic Emergency buy Programme comes just six days after the ECB unveiled a stimulus package that did not calm anxious markets, piling pressure on the bank to open the economic floodgates.

Analysts expect oil costs will stay at multi-12 months lows for a while, but.

"the continued containment and lockdown reaction of the world s predominant economies in reaction to COVID-19 will advance to a pointy impact on oil call for," said AxiCorp s Stephen Innes.