LONDON (Reuters) -Oil rose almost 1% on Wednesday, after hitting a three-month low in the previous session, as Chinese economic data bolstered hopes for a demand recovery and concern in the wider markets eased of a fresh financial crisis.

China’s economic activity picked up in the first two months of 2023, figures showed on Wednesday, as consumption and infrastructure investment drove recovery, following the end of strict COVID-19 containment measures.

On Tuesday, both benchmarks shed more than 4% to a three-month low, pressured by fears that the collapse of Silicon Valley Bank (SVB) last week and other U.S. bank failures could spark a fresh financial crisis weighing on fuel demand.