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 LCOc1 climbed 93 cents, or 1.2%, to $78.38 a barrel by 0324 GMT. U.S. West Texas Intermediate crude futures (WTI) CLc1 gained 96 cents, or 1.4%, to $72.29 a barrel. On Tuesday, the benchmarks fell more than 4% to a three-month low.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.