Oil prices bounced back on Wednesday after a four-day decline, driven by signs of supply tightness despite concerns about demand in China and the US. Brent crude futures rose 0.65% to $82.57 a barrel, while US West Texas Intermediate crude futures increased by 0.82% to $78.79 a barrel. China’s modest 2024 economic growth target of around 5% raised worries about sluggish oil demand growth, as the market had hoped for more stimulus measures. Eyes are now on US Federal Reserve Chair Jerome Powell’s testimony to Congress, as well as Friday’s US employment data, for clearer direction on interest rates. OPEC+ extending output cuts and disruptions in oil tanker movements from Red Sea attacks have created supply tightness, with Saudi Arabia increasing prices for April crude sales to Asia. Additionally, the latest US inventory report from the American Petroleum Institute showed a smaller increase in crude stocks, with official data from the US Energy Information Administration expected later on Wednesday.