Crude oil recovers

BRENT crude recovered in Asian trade yesterday after plunging more than 4 per cent to three-month lows on concerns over increased production and reports the US could tap into strategic reserves.

The black gold had closed lower in New York on worries of excess supply, with reports that Saudi Arabia is looking to increase production.

Speculation that US President Donald Trump could seek increased production from oil cartel OPEC and tap into the Strategic Petroleum Reserves to push down gasoline prices, sent oil plummeting.

Both Brent crude and US benchmark West Texas Intermediate fell more than 4 percent on Monday.