Investing.com - Oil prices rebounded on Tuesday in Asia after falling more than 2% in the previous session in reaction to weak Chinese trade data.
New York-traded Crude Oil WTI Futures rose $0.65, or 1.3%, at $51.16 per barrel.
London-traded Brent Oil Futures, the global oil benchmark, gained $0.7, or 1.2%, to $59.72 by 11:33 PM ET (04:33 GMT)
The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.
The impact of the OPEC-led cuts and U.S. sanctions on Iran were cited as providing continuing support for oil prices.
The U.S. re-imposed sanctions against Iran's oil exports last November. While it granted waivers to some countries that rely heavily on Iran as an oil supplier, those waivers were only valid for 180 days.
On Monday, oil prices were more than 2% lower after data showed China’s December exports fell by 4.4% from last year, the biggest drop in 2 years. Chinese imports also plunged by 7.6%, the biggest drop since 2016.
"On the crude oil front, the news from China took this market out of the green as well," Dan Flynn, an analyst at The Price Futures Group in Chicago, wrote in his Monday note, as WTI and Brent became correlated with the stock market again after a near uninterrupted three-week rally.
There have been some worries that China’s 2019 growth rate could be one of the lowest since 1990. Being the world's biggest oil consumer, any significant slide in China's economy will have major ramifications for energy demand.