Oil prices rebound after opening the year with steep losses

Oil prices rebounded after opening the year down more than 9 percent, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady. | Reuters

Economic data from the United States weighed on prices in the previous session.

At the same time, a survey from the U.S. Labor Department showed job openings fell less than expected, raising concerns that the Federal Reserve would use the tight labor market as a reason to keep interest rates higher for longer.

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