Oil rose dramatically on Tuesday following the decline during the previous close when the prices dropped to an almost one-year low.
According to Report, the January futures for Brent reached $85.16 per barrel at London's ICE, which is $1.97 (2.37%) higher than the prevous session's close. By results of trading on Monday, these futures dropped $0.44 (0.5%) to $83.19 per barrel, Interfax reports.
The WTI futures with the settlement in January made $78.87 per barrel at NYMEX, up $1.53 (1.98%) from the previous day's close.
During the Monday trading, Brent dropped to minimum since January and WTI was at its lowest since December last year, according to Dow Jones Market Data, after lockdowns sparked mass protests throughout China, including in Beijing, Shanghai and Wuhan.
Experts fear that the unexpected mass protests in China - the world's biggest oil importer - may cause stiff reaction of the Chinese government, Bloomberg reports.
However, US traders returned to the market after long weekends, pushing the oil prices up from the session lows.
The market is now focused on the upcoming OPEC+ session of December 4 and the talks regarding the price cap for Russian oil. EU countries failed to reach a concensus on Monday, as some countries considered the proposed price cap of $62 per barrel to be too high, Bloomberg reports citing informed sources.