Oil prices experienced a slight uptick on Tuesday afternoon, with West Texas Intermediate crude futures, the US benchmark, increasing by 0.8% to $73.48 per barrel. Similarly, Brent crude futures, the international benchmark, rose by 0.4% to $75.92 per barrel.
This rise follows a previous day's decline in crude futures, attributed to concerns about a potential US economic slowdown and weak demand from China. The recent fall in crude prices has been fueled by fears of a recession impacting travel and other fuel consumption. While a recession in the US may not be imminent, the rapidly increasing unemployment rate in the country is causing unease among investors.
