Brent crude futures and U.S. West Texas Intermediate crude had settled at their lowest since February 2021 on Monday, driven by an Opec+ decision over the weekend to further speed up oil production hikes for a second consecutive month
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Oil prices rebounded over 1% on Tuesday with technical rebound and dip buying after a drop in prior session by Opec+ decision to accelerate increases in output, although concerns about the market surplus outlook persisted.
Brent crude futures rose 92 cents to $61.15 a barrel by 0309 GMT, while U.S. West Texas Intermediate crude added 89 cents to $58.02 a barrel.
Both benchmarks had settled at their lowest since February 2021 on Monday, driven by an Opec+ decision over the weekend to further speed up oil production hikes for a second consecutive month.
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“Today’s slight rebound in oil prices appears more technical than fundamental,” said Yeap Jun Rong, a market strategist at IG. “Persistent headwinds, including a pivotal shift in Opec+ production strategy, uncertain demand amid U.S. tariff risks, and price forecast downgrades, are continuing to weigh on the broader price movement.”
Driven by expectations that production will exceed consumption, oil has lost over 10% in six straight sessions and dipped over 20% since April, when U.S. President Donald Trump’s tariff shocks prompted increased bets on