Oil prices rebounded back above $100 a barrel while Asian stocks declined on Tuesday, following a punishing day in which concerns over inflation and lockdowns in China hammered global equities.

Brent crude, the international oil benchmark, rose 1.9 per cent to $100.33 a barrel, while US marker West Texas Intermediate climbed 2.4 per cent to $96.57.

In equity markets, Hong Kong’s Hang Seng index fell as much as 0.9 per cent, China’s CSI 300 dropped 0.4 per cent, Japan’s Topix shed 1.3 per cent and South Korea’s Kospi declined 1.3 per cent.

The moves on Tuesday followed a global tumble by stock, bond and oil prices the previous day, with benchmark equity indices in Hong Kong and China both shedding 3 per cent and Brent prices dropping below $100 as investors fretted over stringent lockdown measures in China.

US stocks also dropped, with Wall Street’s benchmark S&P 500 losing 1.2 per cent, and the Nasdaq Composite shedding 2.2 per cent.

European futures pointed lower on Tuesday, with contracts for the FTSE 100 down 0.7 per cent, and for the Euro Stoxx 50 down 1.2 per cent.

The yield on the US 10-year Treasury note, which moves inversely to price and underpins global borrowing costs, added a further 0.03 percentage points to hit 2.8 per cent, after gaining the previous day.