Brent oil rebounds after sharp Middle East-driven selloff

Oil prices rose on the morning of August 4 after posting steep losses in the previous session, as signs of de-escalation in the Middle East conflict continued to influence market sentiment.

October Brent crude futures were up $1.25, or 1.49%, at $85.02 per barrel on the ICE Futures exchange in London, Caliber.Az reports.

On Monday, Brent had fallen $6.35, or 7%, to settle at $83.77 per barrel.

Meanwhile, September West Texas Intermediate (WTI) crude futures gained $0.90, or 1.12%, to $81.24 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

The contract had dropped $4.33, or 5.1%, to $80.34 per barrel in the previous session.

By Bakhtiyar Abbasov