Oil prices tick up as markets look to key Chinese economic data

Oil prices rebounded from the previous day’s fall as Brent crude futures rose 0.3% to $73.41 and US West Texas Intermediate rose 0.4% at $68.50 a barrel, both recovering from a 1.5% loss amid concerns about US interest rate hikes. Investors are now looking towards China, the world’s top oil importer, in anticipation of announcements regarding May retail sales and industrial production, as well as new information about the country’s economic recovery.