Oil rebounds on robust economic data, bargain hunting
Oil prices rose on Tuesday as investors looked for bargains following the previous day’s plunge on rising output from OPEC+, while strong economic data from the United States and China brightened recovery prospects.
Market sentiment was buoyed by a survey from the Institute for Supply Management (ISM) on Monday showing activity in the U.S. services industry reached its highest level on record in March. The data came after a jobs report on Friday beat forecasts with 916,000 added to the U.S. economy last month.
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