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The October West Texas Intermediate (WTI) contract, which expires on Tuesday, gained 27 cents, or 0.38%, to settle at $70.56 per barrel, after dropping 2.3% in the previous session.

The more active November contract gained $1.01 a barrel to $71.15.

Growing concerns over U.S. production “seem to be outpacing other factors ... such as the uncertainty over the outcome of the Federal Reserve monetary policy committee meeting and fears that the Evergrande issue may trigger a wider crisis,” ActivTrades analyst Ricardo Evangelista said.

About 18% of the U.S. Gulf’s oil and 27% of its natural gas production remained offline on Monday, more than three weeks after Hurricane Ida, regulator Bureau of Safety and Environmental Enforcement (BSEE) said.

Still, investors across financial assets have been rocked by the fallout from heavily indebted Evergrande and the threat of a wider market shakeout in the longer term.

Dollar eases from near 1-month high as Fed, Evergrande eyed

The dollar index fell 0.019% after reaching a high of 93.455 on Monday, while the euro was down 0.01% to $1.1724.

The U.S. dollar eased slightly from a near one-month high as global markets firmed somewhat on Tuesday a day after a risk-off mood dominated by solvency uncertainty of China’s Evergrande, while investors awaited the results of the Federal Reserve’s two-day policy meeting.

After reaching its highest level since Aug. 23 on Monday, the dollar straddled around the unchanged mark on the day, briefly moving higher as early gains on Wall Street’s benchmark equity indexes faded.

Investors are looking toward the Fed’s policy announcement on Wednesday for any signs of when the central bank will begin to scale back its massive bond-buying program, in a week filled with policy statements expected from a host of central banks around the globe.

Reference: CNBC, Reuters