KUALA LUMPUR—Oil prices rose as much as nearly 3 percent 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 percent, to $105.85 a barrel in early trade after plunging 9.5 percent on Tuesday, the biggest daily drop since March. It was last up $1.63, or 1.6 percent, at $104.40 a barrel at 0650 GMT.
U.S. West Texas Intermediate (WTI) crude climbed to a session high of $102.14 a barrel, up $2.64, or 2.7 percent, after closing below $100 for the first time since late April. It briefly dipped into negative territory amid a stronger U.S. dollar before resuming gains and was last up $1.20, or 1.2 percent, at $100.70 a barrel….