The price of U.S. crude oil rises more than 2%, trading above $67 a barrel after a sharp decline.

• Oil prices are rebounding after closing at the lowest level since December 2021.

On Wednesday, U.S. crude oil experienced a more than 2% increase in price, recovering some lost ground after the previous session saw prices reach their lowest point in nearly three years.

Here are Wednesday's energy prices:

• The October contract price for crude oil is $67.44 per barrel, which represents a $1.69 increase, or 2.6%. To date, the US has experienced a 5.9% decline in crude oil prices.
• The November contract price per barrel is $70.76, an increase of $1.57 or 2.2%, while the global benchmark has decreased 8.2% year to date.
• The price of gasoline in October is $1.91 per gallon, which is an increase of 4 cents or 2.3%. However, year to date, gasoline prices have decreased by 9%.
• The price of gas in October remains relatively stable at $2.23 per thousand cubic feet. Despite this, the year-to-date consumption of gas has decreased by 10.8%.

OPEC lowered its demand growth outlook for the second time in two months, and as China crude oil imports slow in 2024, resulting in a steep selloff Tuesday. Additionally, eight OPEC+ member are expected to increase production in December.

On Wednesday, Claudio Galimberti, an analyst at Rystad Energy, informed CNBC's "Squawk Box Asia" that traders are expecting a decline in demand in China and a possible increase in supply beyond what was previously forecasted.

While some traders are concerned about Brent prices reaching $60 per barrel, Galimberti believes this level of bearishness is unjustified. According to the analyst, supply and demand fundamentals suggest stockpiles will decline, and prices can only increase if China's economy recovers and OPEC+ adheres to its production targets.

"Galimberti stated that we are still relatively constructive and do not anticipate seeing $60 per barrel in a consistent manner for the next three months."