Brent crude futures for November settlement rose 65 cents, or 0.77%, to $84.71 per barrel by 0502 GMT. U.S. West Texas Intermediate (WTI) crude futures for November delivery were up 64 cents at $77.35 per barrel.
In the previous two trading sessions, Brent plunged 7.1% while WTI slumped 8.1% under the dual pressure of a surging dollar that makes greenback-denominated crude more expensive for buyer using other currencies and mounting concerns that rising interest rates will trigger a recession that will curtail fuel demand.
On Tuesday, an easing greenback provided some relief to the oil market. The dollar index was off a bit from the 20-year high touched on the previous day.
Officials from major producers reacted to the past days of declines by indicating they may take action to keep price stability.
Iraqi Oil Minister Ihsan Abdul Jabbar on Monday said the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, were monitoring the oil price situation, wanting to maintain balance in the markets.
