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Oil futures on Wednesday clawed back some of the losses they sustained in the previous session, but a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand.

Brent crude LCOc1 rose $1.01, or 2.5%, to settle at $40.79 a barrel. The benchmark dropped more than 5% on Tuesday to fall below $40 for the first time since June.

U.S. crude CLc1 rose $1.29, or 3.5% to settle at $38.05 a barrel, having fallen nearly 8% in the previous session.

That lifted the major benchmarks off Tuesday’s levels near three-month lows. Prices fell this week after Saudi Arabia’s state oil company Aramco cut the October official selling prices for its Arab light oil, a sign of softening demand.

Reference: Reuters