Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package.

Brent crude LCOc1 was up by $1.38 a barrel, or 5.1%, to $28.41 by 10:07 GMT. The global benchmark fell to $24.52 today, its lowest since 2003. U.S. West Texas Intermediate CLc1 gained $1.54, or 6.6%, to $24.90.