TOKYO/SINGAPORE: Oil prices rebounded by 1 percent on Tuesday, paring the previous session’s loss, on supply concern amid an escalating Middle East conflict, stronger US services sector data and a cut in production at Libya’s Sharara oilfield. Brent crude futures gained 76 cents, or 1 percent, to $77.06 a barrel by 8:38 a.m. Saudi time, while US West Texas Intermediate crude futures climbed 92 cents, or 1.26 percent, to $73.86. On Monday, both benchmarks fell about 1 percent against a backdrop of falling global stock markets.