Crude oil prices rebound after opening the year with steep losses

Oil prices rebounded on Thursday after opening the year down more than 9%, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady. The bounceback followed two days of steep declines to start off 2023 as investors worry about a potential global recession and the short-term economic signs in the world’s two biggest oil consumers, the United States and China, appear shaky.

Brent crude futures gained 59 cents to $78.43 a barrel at 0136 GMT, while U.S. West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel. Over the previous two sessions, Brent and WTI’s declines of more than 9% were the biggest two-day losses at the start of a year since January 1991, according to Refinitiv Eikon data.