Oil prices rose nearly 3% on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses due to fears about a weakening global economy.
Brent crude LCOc1 was up $1.55, or 2.66%, at $59.81 a barrel by 1401 GMT, while U.S. West Texas Intermediate futures CLc1 gained $1.56, or 2.66%, to $55.50 a barrel.
Global markets rebounded after a private survey showed that activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in more than a year.
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