Oil bounced on Thursday exceeding 2% post touching the lowest level by the beginning of the year in two days in a row.

The major slips that took place during the past couple of days was triggered by concerns over slowdown in the worldwide economy, specifically China and USA, the two main economy leaders.

Earnings achieved today were supported by a report from Colonial Pipeline, announcing the closure of its third line as it will undergo some maintenance and it is predicted to reopen it by the 7th of January.

Brent crude advanced by 2.3% at $79.59 per barrel, on the other hand the U.S. West Texas Intermediate crude added 2.2% at $74.47 per barrel.

The two main gauges dropped over 9% earlier on the past two days, hitting the biggest drop in 32 years ago.

The U.S. manufacturing data that released yesterday showed more plunge in December impacted by the spread of Covid-19 cases in China which is affecting the economy of the country in a negative way.