02:41 PM EDT, 08/06/2024 (MT Newswires) -- West Texas Intermediate (WTI) crude oil closed with its first gain in five sessions early on Tuesday, rebounding from the lowest in more than six months as markets calmed following day-prior market turmoil.

WTI crude oil for September delivery closed up US$0.26 to US$$73.20 per barrel. October Brent crude, the global benchmark, was last seen up US$0.35 to US$76.65.

Oil has reached the lowest since early February following Friday's weak U.S. jobs report raised worries the Federal Reserve erred in delaying interest-rate cuts, slowing the economy amid already weak demand from China, the No.1 importer. Stock and commodity markets dropped sharply following the report.

"Oil prices yesterday had little choice other than to march to the tune of the wider suite. Not that encouragement lower was hard to find anyway. The spate of global economic warnings and problems in demand so very much highlighted by the ails of China offered a market that was in boxing parlance 'leading with its chin'," PVM Oil Associates noted.

The shutdown of Libya's 270,000 barrel per day Sharara oil field is offering some support for prices. Employees at the field were order to shut down production on Saturday by one of the country's two competing governments, according to a Bloomberg report.