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Oil prices bounce back overnight

After what happened with oil prices on Monday, there was only one direction they could go, and that’s up.

That’s exactly what happened, as prices bounced back this morning. West Texas Intermediate crude for April delivery CL.1, +2.57% rose $159, or 5%, to $32.67 a barrel. On Monday, oil fell $10.15, or 24.6%, to end at $31.13, after briefly trading below $29 in early trade.

May Brent crude BRNK20, +2.15%, the global benchmark, rose $1.73, or 5%, to $36.08 a barrel. On Monday, the contract plunged $10.91, or 24.1%, to settle at $34.36 a barrel on ICE Europe.

Oil economist Karr Ingham says the industry itself can only watch as the price war between Saudi Arabia and Russia plays out.

“There’s very little they can do to control what other countries are going to do. There’s no place to respond except internally,” Ingham said. “It’s hunker down time. I don’t know what else companies can do right now.”

Because of the way oil prices have gone, the experts say we could see gas fall to less than $2 a gallon.