Oil Prices Rebound On China Demand Hopes

Oil prices rebounded on Thursday after falling to 15-month lows overnight on fears of U.S. bank contagion.

Benchmark Brent crude futures rose about 1 percent to $74.38 a barrel, while WTI crude futures were up 0.9 percent at $68.19.

Prices received some support after data showed China's home prices rose for the first time in a year and a half in February due to favorable government policy.

Investment bank Goldman Sachs upgraded its growth outlook for China, raising expectations of stronger oil demand this year.

More upbeat forecasts for demand from OPEC and the International Energy Agency also buoyed prices.

Wednesday's monthly report from the International Energy Agency flagged an expected boost to oil demand from China, a day after OPEC upgraded its China demand outlook.

Meanwhile, fears of contagion from the collapse of two U.S. banks eased somewhat after Credit Suisse Group AG said it would borrow up to 50 billion Swiss Francs or around $53.7 billion from the Swiss National Bank to pre-emptively strengthen its liquidity.

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