Oil prices rose in early Asia trade on Wednesday, recovering from the previous days plunge, as a stronger OPEC outlook on Chinas demand helped offset bearish global investor sentiment in the wake of the recent US bank failures.

Brent crude futures climbed 62 cents, or 0.8%, to $78.07 a barrel by 0058 GMT. US West Texas Intermediate crude futures (WTI) gained 70 cents, or 1.0%, to $72.03 a barrel.

On Tuesday, the benchmarks fell more than 4% to a three-month low. (QNA)

Source: Qatar News Agency