Oil prices rebound from Tuesday tumble as supply concerns return | Reuters

Oil prices rebound 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 fore and outweighed lingering worries about a potential global recession.

Brent crude futures rose by $1.43, or 1.39%, to $104.20 a barrel at 1120 GMT.

U.S. West Texas Intermediate (WTI) crude climbed 65 cents, or 0.65%, to $100.15 a barrel after closing below $100 in the previous session for the first time since late April.

Both contracts recorded their largest daily drop since March on Tuesday on recession 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 high against the euro and multi-month peaks against other major currencies.