Oil prices have rebounded strongly from a four-year low

Oil prices are most strongly influenced by assessments of the supply and demand balance in the near term. The drop in oil prices came after the main OPEC+ producers decided to continue increasing oil supplies in June despite its oversupply on the market. On Tuesday, the argument for the increase in the commodity prices was supposed to be information about the expected decrease in US shale oil production soon. Technical analysts also pointed out that the relative strength indicator of the oil price was deep in the oversold area, and other indicators also signaled a too rapid depreciation of the commodity.

At the close of trading on ICE Futures Europe, Brent crude oil was up 3.2% from the leading July contract to $62.15, the biggest one-day gain per barrel since April 17. Despite the clear rebound, it was the fourth-lowest closing price this year, with Brent crude down 16.7% so far this year.

On the U.S. NYMEX commodity market, a barrel of WTI crude from the leading June contract rose 3.4 percent to $59.09. However, it is still down 17.6 percent this year.