Oil price rebounds on robust economic data from US, China, bargain hunting
SINGAPORE (Reuters) -Oil prices rose on Tuesday as investors looked for bargains following the previous day’s plunge on rising output from OPEC+, while strong economic data from the United States and China brightened recovery prospects.
Brent crude futures rose 78 cents, or 1.26%, to $62.93 a barrel by 0646 GMT, after falling 4.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures rose 81 cents, or 1.38%, to $59.46, after sliding 4.6% on Monday.
Market sentiment was buoyed by a survey from the Institute for Supply Management (ISM) on Monday showing activity in the U.S. services industry reached its highest level on record in March. The data came after a jobs report on Friday beat forecasts with 916,000 added to the U.S. economy last month.
