Oil prices bounce back, helped by stronger OPEC outlook for China

Published by
Reuters UK

By Yuka Obayashi TOKYO (Reuters) – Oil prices rose in early Asia trade on Wednesday, recovering from the previous day’s plunge, as a stronger OPEC outlook on China’s demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. Brent crude futures climbed 62 cents, or 0.8%, to $78.07 a barrel by 0058 GMT. U.S. West Texas Intermediate crude futures (WTI) gained 70 cents, or 1.0%, to $72.03 a barrel. On Tuesday, the benchmarks fell more than 4% to a three-month low. “The oil market has bounced back on its own after the recent sharp losses,” said Toshitaka T…

Read More