Oil rebounds as market seizes on discounted prices | Reuters

Oil rebounds as market seizes on discounted prices | Reuters

Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil's two-month low touched in the previous session.

Monday's selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. The oil market was also lower on news that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, had reached a deal to boost supply in coming months. read more

"There are bottom pickers trying to get into this dip," said Bob Yawger, director of energy futures at Mizuho in New York.

Brent crude settled up 73 cents, or 1.1%, to $69.35 a barrel after sliding 6.8% on Monday. The global benchmark has fallen from its peak at more than $77 hit in early July - its highest since late 2018.

U.S. crude ended up $1, or 1.5%, to $67.42 in its final day of trading, after hitting a low of $65.21 on Tuesday. The contract fell 7.5% on Monday.