Oil prices climb on hopes of China demand recovery

Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures.

Brent crude futures were up $1.15, or 1 percent, at $113.08 a barrel at 0042 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed $1.62, or 1.4 percent, to $114.02 a barrel, paring some losses after oil prices fell by around 2 percent in the previous session.