Oil rebounds on robust economic data, bargain hunting
Oil prices rose on Tuesday as investors looked for bargains following the previous day’s plunge of more than 4% on rising output from OPEC+ while strong economic data from the United States and China brightened recovery prospects.
Brent crude futures rose 38 cents, or 0.61%, to $62.53 a barrel at 0507 GMT, after falling 4.2% on Monday.
US West Texas Intermediate (WTI) crude futures rose 34 cents, or 0.58%, to $58.99 barrel, 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 US 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 US economy last month.
