Oil prices rebounded above $100 a barrel as Asian stocks fell on Tuesday after a trying day in which concerns about inflation and lockdowns in China hammered global equities.
Brent crude, the international oil benchmark, rose 1.9% to $100.33 a barrel, while U.S. marker West Texas Intermediate climbed 2.4% to $96.57.
In stock markets, Hong Kong’s Hang Seng index fell 0.9%, China’s CSI 300 0.4%, Japan’s Topix 1.3% and South Korea’s Kospi 1.3%. .
Tuesday’s moves followed a global plunge in stock, bond and oil prices the day before, with benchmark stock indices in Hong Kong and China both losing 3% and Brent prices falling below $100 as that investors worried about strict lockdown measures in China.
US stocks also fell, with Wall Street’s benchmark S&P 500 index losing 1.2% and the Nasdaq Composite losing 2.2%.
European futures fell on Tuesday, with contracts for the FTSE 100 down 0.7% and for the Euro Stoxx 50 down 1.2%.
The yield on the 10-year US Treasury note, which moves inversely to price and underpins global borrowing costs, added another 0.03 percentage point to 2.8%, after gaining the Eve.