Oil rose as broader markets rebounded from a plunge on Monday that was driven by US President Donald Trump's escalating criticism of Federal Reserve Chair Jerome Powell.
West Texas Intermediate advanced more than 1% to approach $64 a barrel, bouncing back from the previous day's 2.5% drop. Crude's partial recovery was aided by a jump in US equities.
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In his latest broadside against Powell, Trump warned that the US economy may slow if the central bank doesn't move to reduce interest rates. The president has contemplated firing the Fed chair, prompting investors to sell US stocks, bonds and the dollar on Monday.
Oil was swept up in the chaos, extending a slump this month that has been exacerbated by mounting tensions between the US and its top trading partners.
Elsewhere, Vice President JD Vance pushed for stronger ties between New Delhi and Washington across a range of areas from energy to defense. India is the second-biggest importer of crude in the world, after China, where tariff talks remain stalled.
“Near-term, I would expect that the biggest wave of selling is behind us,” Martijn Rats, global oil strategist at Morgan Stanley, said in a Bloomberg Television interview. “As we go through the summer, seasonal demand does support things a little bit, but then in the second half we will probably have another period of downward pressure.”
Despite recent pessimism as forecasters slash their oil demand forecasts, nearby market gauges have been pointing to strength. The closest Brent futures contract is trading near its biggest premium to the next month since January, a sign of tight supplies.
Prices
West Texas Intermediate for June, the most active contract, gained 1.4% to $63.28 at 10:32 a.m. in New York.
Brent advanced 1.1% to $66.99 a barrel.
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