Oil price rebounds as market seizes on discounted prices

Brent crude settled up 73 cents, or 1.1%, at US$69.35 a barrel after sliding 6.8% on Monday. The global benchmark has fallen from a peak at more than $77 hit in early July - its highest since late 2018.U.S. crude ended up $1, or 1.5%, to $67.42 in its final day of trading, after hitting a low of $65.21 on Tuesday. The contract fell 7.5% on Monday.

NEW YORK:Crude oil futures rebounded on Tuesday as market participants vied to take advantage of oil's two-month low touched in the previous session.

Monday's selloff, spurred by demand destruction fears amid rising COVID-19 cases, pushed oil about 7% lower and hit other riskier assets. The oil market was also lower on news that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, had reached a deal to boost supply in coming months.