Oil prices rebounded on Tuesday on reports that output from the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns kept a lid on gains.
Brent crude futures rose 9 cents to $62 a barrel by 0300 GMT while US West Texas Intermediate (WTI) crude futures rose 13 cents to $56.04 a barrel.
US crude futures were last up 11% at $61.10 a barrel, coming off highs on expectations other global oil suppliers would step in to lift output. Brent crude soared 13% at $68.06 after earlier rising to $71.95.
Asian shares fell on Monday after strong US jobs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence.