Oil futures bounced early Tuesday, finding support after China's central bank on Tuesday cut a key policy interest rate.
Crude prices recovered a portion of the ground lost in a Monday rout that sent the global crude benchmark to its lowest close since December 2021.
West Texas Intermediate crude for July delivery 1.74%, the U.S. benchmark, rose $1.33, or 2%, to $68.45 a barrel on the New York Mercantile Exchange. July Brent crude, the global benchmark, was up $1.62, or 2.3%, at $73.46 a barrel on ICE Futures Europe.
Back on Nymex, July gasoline rose 1.7% to $2.524 a gallon, while July heating oil was up 1.8% at $2.35 a gallon.
July natural gas rose 2.3% to $2.318 per million British thermal units.
Demand from China has been a key concern for oil traders. Disappointment in the rebound in demand following the country's lifting of COVID curbs late last year has been cited as a factor in crude price weakness this year.
Source : Marketwatch
