Oil prices recoup losses after OPEC upgrades China demand outlook

TOKYO (Reuters) – Oil prices rebounded more than 1% on Wednesday, recovering from the previous day’s fall, after OPEC’s upwards revision for Chinese consumption offset bearish global investor sentiment trigged by U.S. bank failures.

Brent crude futures climbed $1.04, or 1.3%, to $78.49 a barrel by 0710 GMT. U.S. West Texas Intermediate crude futures (WTI) gained 98 cents, or 1.4%, to $72.31 a barrel. On Tuesday, the benchmarks shed more than 4% to a three-month low.

“The oil market has bounced back on its own after the recent sharp losses,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd, adding some investors had used the slide to hunt for bargains.