Oil prices rose more than 1% on Tuesday, rebounding from a hefty selloff to a near four-year low in the previous session on concerns that U.S. tariffs might depress demand and lead to a global recession, though analysts warn downside risks remain.
Brent futures were up 72 cents, or 1.1%, at $64.93 per barrel, while U.S. West Texas Intermediate crude futures rose 75 cents, or 1.2%, to $61.45, at 0535 GMT.
As of Monday, Brent and WTI had slumped 14% and 15% respectively following U.S. President Donald Trump’s April 2 announcement of “reciprocal tariffs” on all imports.
Oil prices recouped some of those losses in a relief rally aided by steadier action in equity markets, said Warren Patterson, head of commodities strategy at ING.
“The market has sold off heavily in recent days as it starts to price in a significant demand hit; however, how much of a demand hit we see is still very unclear,” he said.
