WTI, Brent Prices Bounce Back

Oil prices rose as much as nearly 3% on Wednesday before paring some gains as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger.
Brent crude futures rose as much as $3.08, or 2.9%, to $105.85 a barrel in early trade after plunging 9.5% on Tuesday, the biggest daily drop since March. It was last up $1.63, or 1.6%, at $104.40 a barrel, Reuters reported.
A stronger greenback usually makes oil more expensive in other currencies, which could curb demand.
"Today is sort of a reset. No doubt there is short covering and bargain hunters are coming in," said John Kilduff, partner at Again Capital LLC.
"The fundamental story regarding global tightness is still there ... The selloff was definitely overdone." 
Meanwhile, Russia's former president, Dmitry Medvedev, warned that a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil in the market and push prices above $300-400 a barrel.
On the other hand, the Norwegian government on Tuesday intervened to end a strike in the petroleum sector that had cut oil and gas output.