Investing.com — Oil prices rose on Wednesday as a drop to three-month lows attracted some bargain buying, while optimism over Chinese demand, following strong economic data and a hike in the OPEC’s outlook for the country, also aided sentiment.

But crude markets were still nursing steep losses this week, as fears of a potential banking crisis in the U.S. drove up concerns that a recession could crimp oil demand this year.

Data on Wednesday showed that Chinese industrial production rose slightly less than expected in February. But strong retail sales and higher-than-expected fixed asset investment showed that certain facets of the economy were on a steady path towards recovery.