RIYADH: Oil prices rebounded more than 1 percent on Wednesday, recovering from the previous day’s fall, after the Organization of Petroleum Exporting Countries’ upwards revision for Chinese consumption offset bearish global investor sentiment trigged by US bank failures.
Brent crude futures climbed 90 cents, or 1.16 percent, to $78.35 a barrel at 10.40 a.m. Saudi time.
US West Texas Intermediate crude futures gained 90 cents, or 1.26 percent, to $72.23 a barrel.
On Tuesday, the benchmarks shed more than 4 percent to a three-month low.
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