Singapore: Oil prices rose by more than 1% in early Asian trading on Wednesday, rebounding from the previous session's sharp losses. Brent crude futures gained 70 cents, or 1.2%, to $59.62 a barrel, while US West Texas Intermediate (WTI) crude futures climbed 73 cents, or 1.3%, to $56 a barrel.

According to Qatar News Agency, oil prices had fallen to their lowest level since February 2021 at the close of trading on Tuesday. The recent increase in prices reflects a partial recovery from the significant declines experienced in the previous session, offering a momentary respite for the market. The fluctuations indicate ongoing volatility in the oil market, influenced by a range of global economic factors.