After a historic one-day of oil prices taking hits globally, the black gold’s prices are back up by seven per cent, on Tuesday. The global oil suppliers reported the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus despite a price war between top producers Saudi Arabia and Russia.   Even with the prevailing Russo-Arabia standoff on the prices, Saudi says it will lift output to above 10 million barrels per day, in the fight for market share. Saudi Arabia had escalated a historic drop in oil prices by cutting its April official selling prices from $14 to $8 in a price war with Russia. The fall accounted for a 25 per cent plunge on Monday, dropping to their lowest since February 2016 and recording their biggest one-day percentage declines since January 17, 1991, when oil prices fell at the outset of the Gulf War. However, the International Energy Agency projects oil demand is set to contract in 2020 for the first time since 2009. The International Energy Agency is a Paris-based autonomous intergovernmental organization established in the framework of the Organisation for Economic Co-operation and Development in 1974 in the wake of the 1973 oil crisis.