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Oil rebounds as China demand recovery optimism supports prices.
Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday.
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%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday.
The economic worries were exacerbated by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday.
