Oil prices bounce back from Tuesday tumble as supply concerns return | Reuters

Oil prices bounce back from Tuesday tumble as supply concerns return | Reuters

Oil prices rose on Wednesday, clawing back some of Tuesday's heavy losses as supply concerns returned to the forefront and outweighed lingering worries over a global recession.

Brent crude futures rose by $1.62, or 1.58%, to $104.39 a barrel at 0839 GMT.

U.S. West Texas Intermediate (WTI) crude climbed $1.04, or 1.05%, to $100.54 a barrel after closing below $100 in the previous session for the first time since late April.

Both contracts on Tuesday recorded their largest daily drop since March on recessionary fears and other bearish pressures which also kept a lid on Wednesday's price rise. read more

Oil prices have seen a knock from a resurgent dollar, which is holding at a 20-year peak against the euro and multi-month highs against other major peers.