Oil prices have bounced back after experiencing a decline of more than nine percent at the start of the new year, marking the worst annual beginning in over 30 years. Investors seized the dip to purchase futures contracts, driven by expectations that fuel demand will remain stable in the long term. The recovery followed two days of sharp declines, as investors grew concerned about a potential global recession, while short-term economic indicators in the world's two largest oil consumers, the United States and China, appeared weak.
Brent crude futures rose by 59 cents to $78.43, while West Texas Intermediate crude futures increased by 69 cents to $73.53. In the previous two sessions, both Brent and American crude fell by over nine percent, which accounted for the largest loss over two days at the start of the year since January 1991, according to Refinitiv Eikon data. Economic data from the United States impacted prices in the previous session.
