Oil prices rebound after OPEC upgrades China demand outlook
May 29, 2024, 11:58 AM
TDD-global
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Oil prices experienced a rebound of more than 1% on Wednesday, recovering from a significant drop the previous day. Brent crude futures rose to $78.38 a barrel, while U.S. West Texas Intermediate crude futures climbed to $72.29 a barrel. The increase was driven by a stronger OPEC outlook on China's demand, helping to counteract bearish sentiment following recent U.S. bank failures.
Oil prices rebounded more than 1% 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 93 cents, or 1.2%, to $78.38 a barrel by 0324 GMT. U.S. West Texas Intermediate crude futures (WTI) gained 96 cents, or 1.4%, to $72.29 a barrel. On Tuesday, the benchmarks fell more than 4% to a three-month low.
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