Oil prices rebound after OPEC upgrades China demand outlook

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.