Global oil prices bounced back on Tuesday after a one-day decline. The market quickly turned upward after three consecutive days of falling prices.
Despite the New York stock market continuing its downward trend for the second consecutive day, investor sentiment stabilized as the market escaped the previous day’s sharp decline.
However, gains were limited due to persistent concerns that U.S. President Donald Trump’s trade war could drive the U.S. economy into a recession.
Brent crude’s international oil price benchmark settled at $69.56 per barrel, up $0.28 (0.40%) from the previous session.
West Texas Intermediate (WTI), the U.S. oil benchmark, closed at $66.25 per barrel for the April delivery, gaining $0.22 (0.33%).
Meanwhile, Brent and WTI experienced significant drops of 3.9% last week.
