Crude Oil Shows Strong Move Back To The Upside

(RTTNews) - The price of crude oil moved sharply higher during trading on Tuesday, largely offsetting the steep drop seen in the previous session.

After tumbling $1.23 or 1.6 percent to $76.78 a barrel during Monday's session, crude for March delivery jumped $1.04 or 1.4 percent to $77.82 a barrel.

The rebound by the price of crude oil was partly attributed to the International Monetary Fund raising its growth forecast for the global economic in 2024.

The global economy is now projected to grow 3.1 percent this year, the same as in 2023 but an upgrade from the 2.9 percent expansion forecast in October, the January update to the IMF's World Economic Outlook report revealed.

Supply concerns also persisted as markets waited for a U.S. response to the deadly attack on American troops in Jordan.

Media reports suggest that Republicans in Congress are pressuring President Joe Biden to "strike back" at Iran in retaliation for the drone attack on Tower 22 in Jordan that killed and wounded U.S. service members.

Meanwhile, Saudi Arabian Oil Co., commonly known as Saudi Aramco, said that it has been ordered by the Saudi government to keep its oil production capacity at 12 million barrels a day.