Brent crude climbed 54 cents to $79.99 a barrel by 0915 GMT, while U.S. West Texas Intermediate crude futures gained 76 cents to $72.09
Oil rose almost 1 per cent on Wednesday, after hitting a three-month low in the previous session, as Chinese economic data bolstered hopes for a demand recovery and concern in the wider markets eased of a fresh financial crisis.
“Oil prices are regaining ground this morning as traders cheer a flurry of positive macro data out of China,” said Stephen Brennock of oil broker PVM. On Tuesday, both benchmarks shed more than 4 per cent to a three-month low, pressured by fears that the collapse of Silicon Valley Bank last week and other U.S. bank failures could spark a fresh financial crisis weighing on fuel demand.
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