Oil up 1% on Tuesday 

Oil prices edged up around 1 per cent on Tuesday, recovering from a near four-year low after a steep selloff triggered by mounting fears that US tariffs could push the global economy into recession and curb energy demand.

Brent crude rose 66 cents to $64.87 per barrel, while US West Texas Intermediate (WTI) climbed 67 cents to $61.37 as of 0650 GMT. Both benchmarks had slumped by over 14 per cent on Monday after US President Donald Trump unveiled sweeping import tariffs and threatened a further 50 per cent levy on Chinese goods.

Analysts at ING warned that despite Tuesday’s modest rebound, risks remain skewed to the downside due to escalating trade tensions and uncertainty over future demand. China, which has announced retaliatory tariffs, is unlikely to yield to US pressure, raising the risk of deeper economic fallout.

Markets found brief support from steadier equity performance, though rising US crude and distillate stockpiles—forecast to have increased by 1.6 million barrels last week—highlight ongoing concerns about weakening demand.

Industry data from the American Petroleum Institute is due later Tuesday, with official figures from the US Energy Information Administration (EIA) expected on Wednesday.

Attribution: Reuters

Subediting: M. S. Salama