Oil Prices Rebound on Weaker U.S. Dollar

Oil prices rebounded and gained 1.6% early on Tuesday amid weakening U.S. dollar, following the broad market selloff on Monday triggered by fears of a recession in the United States. As of 9:56 a.m. ET, the front-month futures of the U.S. benchmark WTI Crude were trading 1.64% higher at $66.98 per barrel.

The international benchmark, Brent Crude, was up by 1.5% to move back up above the $70 a barrel mark, at $70.24. On Monday, Brent prices slid below $70 amid the wider global meltdown in markets amid fears of a recession with the Trump Administration’s…