Singapore, March 24 (AFP/APP): Oil prices rallied at the open in Asia Tuesday on Federal Reserve measures to boost the coronavirus-hit US economy, offsetting concerns about a failure to approve a rescue package. US benchmark West Texas Intermediate was up 4.3 percent at $24 a barrel while Brent crude, the international benchmark, rose 3.8 percent to $28 a barrel. Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war. The Fed unveiled a batch of additional aggressive measures to support the economy on Monday, including buying unlimited amounts of US Treasury debt and new steps to lend directly to small- and medium-sized companies. Still, gains on stock and oil markets were capped when Democrats again blocked a massive rescue package for the teetering US economy. The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation’s critically under-equipped hospitals. AxiCorp chief markets strategist Stephen Innes said optimism over the package has helped dampen the oil market sell-off. But he cautioned: “The problem is, however, all the money in the world is not … Continue reading Oil rallies after Fed moves to help virus-hit economy