Oil rebounds as China demand recovery optimism supports prices

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TOKYO : Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.

Brent crude futures gained 59 cents, or 0.7 per cent, to $86.72 per barrel by 0214 GMT after falling 2.3 per cent in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6 per cent, to $80.59 per barrel, having dropped 1.8 per cent on Tuesday.