Oil is fighting back after yesterday's pummelling

In this April 24, 2015 photo, pumpjacks work in a field near Lovington, N.M. As oil production in the United States rose in recent years, so did the spills of salty wastewater that is also pumped to the surface.AP ImagesThere’s too much oil about.

Crude oil is fighting back on Tuesday morning after a horrible Monday which saw both major benchmarks plummet.

Brent crude jumped more than 2.5% as of 10:30 GMT (05:30 ET), while West Texas Intermediate popped 2%.

Brent, the European benchmark, has now settled at just under $38.70 (£25.55) per barrel at 11.00 a.m. GMT (6.oo a.m. ET), a gain of around 1.5%.

On Monday Brent dropped below $38 (£25.07) a barrel to a seven-year low.

Oil prices were driven downwards by OPEC’s insistence that they will not cut production, instead flooding the market with cheap oil.

Here’s what Brent Crude was up to earlier this morning:

After this morning’s rise, WTI is hovering at just less than $36.81 (£24.30) per barrel. Here’s what it looked like a few minutes ago:

Oil had been on a seven-day losing streak, its longest in more than a year, according to Reuters, but that long run will end if both benchmarks can hold onto their gains throughout the day.

Elsewhere, European equities markets are also recovering on Tuesday after suffering thanks to the oil price fall on Monday. The FTSE 100 is up around 1.6% to 5,970.00, after falling below the 5,900 mark and hitting three-year lows at the close yesterday.

Here’s how the FTSE looks on Tuesday:

All in all, things are looking a bit more positive on Tuesday.

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