Brent crude futures were up 17 cents, or 0.2%, at 0107 GMT at $79.52 a barrel. Last session, the benchmark fell below $80 for the second time in 2022.
U.S. crude futures fell 3 cents to $74.22 a barrel.
Tuesday’s drop was the biggest daily decline in Brent prices since late September, which have traded in the $62 range this year.
Wall Street benchmarks also fell on Tuesday on uncertainty surrounding the direction of the Federal Reserve’s rate hikes and renewed talk of a looming recession.
These fears are driven by strong economic data or hawkish signals from other policymakers.
Data released on Monday shows U.S. services sector activity unexpectedly picked up in November and last week’s strong U.S. payrolls report raised doubts as to when the Fed could ease its monetary policy.
Oil prices have fallen more than 1% for three consecutive sessions, giving up most of their gains for the year.
Service sector activity in China fell to its lowest level in six months and European economies slowed due to high energy costs and rising interest rates.
Brent crude futures were up 17 cents, or 0.2%, at 0107 GMT at $79.52 a barrel. Last session, the benchmark fell below $80 for the second time in 2022.
U.S. crude futures fell 3 cents to $74.22 a barrel.
Tuesday’s drop was the biggest daily decline in Brent prices since late September, which have traded in the $62 range this year.
Wall Street benchmarks also fell on Tuesday on uncertainty surrounding the direction of the Federal Reserve’s rate hikes and renewed talk of a looming recession.
These fears are driven by strong economic data or hawkish signals from other policymakers.
Data released on Monday shows U.S. services sector activity unexpectedly picked up in November and last week’s strong U.S. payrolls report raised doubts as to when the Fed could ease its monetary policy.
Oil prices have fallen more than 1% for three consecutive sessions, giving up most of their gains for the year.
Service sector activity in China fell to its lowest level in six months and European economies slowed due to high energy costs and rising interest rates.