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West TX Oil Surges Back to $96 on Data

Crude oil prices climbed by more than $2 a barrel on both sides of the Atlantic on Wednesday, as oil markets bounced off multi month lows hit in the previous session.

Prospects for peace between Ukraine and Russia, as well as strong U.S. economic data, raised demand expectations. New orders for U.S. factory goods jumped in July and automobile sales in August were unexpectedly robust, offering further signs of strength in the manufacturing sector.

Also on Wednesday, Russian President Vladimir Putin said a deal to end fighting in eastern Ukraine could be reached this week, a clear attempt to show the West he was trying to de-escalate the conflict despite renewed shelling.

CNBC [1]

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