2020.03.1710:22:00UTC+00Oil Prices Mixed After Recent Falls

Oil prices traded mixed on Tuesday after recent sharp falls on fears of a recession due to the coronavirus pandemic and an all-out oil price war between Saudi Arabia and Russia for market share.

Benchmark Brent crude declined 0.9 percent to $29.79 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 1.4 percent at $29.39.

U.S. President Donald Trump said Friday the U.S. government will take advantage of low oil prices and buy "large quantities" of crude to fill the Strategic Petroleum Reserve.

Saudi Arabia will continue to pump oil at increased levels through May, Reuters quoted Saudi Aramco Chief Executive Amin Nasser as saying on Monday during an earnings call.

Saudi Aramco has said it is" very comfortable" with an oil price of $30 a barrel. The energy giant will likely to sustain higher oil output for April in May, the company's CEO Amin Nasser said during a conference call.

As all major economies go into lockdown, oil demand continues to fall off a cliff. Trump on Monday said the coronavirus outbreak could last until July or August and that the economy "may be" heading for recession.