Crude Oil Shows Notable Rebound After Last Friday's Nosedive

(RTTNews) - Following the nosedive seen in the previous session, the price of crude oil showed a notable move back to the upside during trading on Tuesday.

Crude for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel after plummeting $7.26 or 6.3 percent to $107.99 a barrel last Friday.

The rebound by crude oil came amid lingering concerns about global supplies, although worries about a possible recession kept buying interest somewhat subdued.

"Oil prices are rallying as last week's selloff was overdone given how the short-term crude demand outlook remains for the US and China," said Edward Moya, senior market analyst at OANDA.

He added, "The oil market remains too tight over the short-term and rising expectations over tougher sanctions with Russian crude should keep demand especially strong here."