Oil Prices Bounce Back From Tuesday Tumble as Supply Concerns Return

Oil Prices Bounce Back From Tuesday Tumble as Supply Concerns Return
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Okla., on March 24, 2016. Nick Oxford/Reuters
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KUALA LUMPUR—Oil prices rose as much as nearly 3 percent on Wednesday before paring some gains as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger.

Brent crude futures rose as much as $3.08, or 2.9 percent, to $105.85 a barrel in early trade after plunging 9.5 percent on Tuesday, the biggest daily drop since March. It was last up $1.63, or 1.6 percent, at $104.40 a barrel at 0650 GMT.