crude prices recovered a portion of the ground lost in a monday rout that sent the global crude benchmark to its lowest close since december 2021   west texas intermediate crude for july delivery cl00 cl1 cln23 the us benchmark rose 133 or 2 to 6845 a barrel on the new york mercantile exchange   july brent crude brn00 the global benchmark was up 162 or 23 at 7346 a barrel on ice futures europe   back on nymex july gasoline rbn23 rose 17 to 2524 a gallon while july heating oil hon23 was up 18 at 235 a gallon demand from china has been a key concern for oil traders disappointment in the rebound in demand following the country’s lifting of covid curbs late last year has been cited as a factor in crude price weakness this year on tuesday the people’s bank of china said it cut the interest rate on sevenday repurchase operations to 19 from 2 the cut may guide down the nation’s benchmark loan prime rate which will be released next tuesday “oil prices are bouncing on the pboc policy ‘giddy up’ as traders expect even more easing measures to be announced” said stephen innes managing director at spi asset management in emailed comments brent dropped 39 on monday to end the session at its lowest since december 2021 while a 44 tumble for wti took it to its lowest close since march 17 worries over the outlook for global crude demand as investors await a wednesday decision by the federal reserve which is expected to leave its key interest rate on hold but signal that some further tightening may yet be in store have been blamed for a slide that’s seen mostactive futures for brent and wti down nearly 15 in the year to date crude prices maintained gains after the organization of the petroleum exporting countries or opec in its monthly report left its 2023 forecast for growth in global oil demand unchanged at 23 million barrels a day or mbd additional opec production cuts kicked in beginning in may the report said opec13 crude oil production in may decreased by 464000 barrels a day to average 2806 mbd based on data from available secondary sources