Oil is rebounding after a sharp decline

Oil prices rose about 3% today, Wednesday, before giving up some of their gains as investors turned to the market, after a sharp decline in the previous session, as concerns related to supplies returned, with concerns of a global recession continuing.

Brent crude futures rose as much as $3.08, or 2.9 percent, to $105.85 a barrel in early trade, after tumbling 9.5 percent on Tuesday, the biggest daily drop since March.

And prices recorded in their latest trading, an increase of 1.63 dollars, or 1.6 percent, to 104.40 dollars a barrel.

West Texas Intermediate crude rose to its highest level during the session at $102.14 a barrel, recording an increase of 2.64%, or 2.7%, after closing below $100 a barrel for the first time since the end of April.

The contract fell for a short period with the rise of the dollar, but it resumed its rise, and recorded in the latest trading, an increase of 1.20 dollars, or 1.2%, to 100.70 dollars a barrel.

The dollar rose to a 20-year high against the euro and a multi-year high against other major currencies.

The rise of the dollar makes oil more expensive for holders of other currencies, which may reduce demand.