Oil prices bounces higher as China, US data ease recession concerns

Oil prices bounced higher from multi-month lows on Monday as investors’ appetite improved following data on U.S. jobs and Chinese exports data that eased recession concerns.

Brent crude futures had risen 81 cents, or 0.9%, to $95.73 a barrel by 0638 GMT. U.S. West Texas Intermediate crude was at $89.76 a barrel, up 75 cents, or 0.8%.

Both contracts settled higher on Friday after jobs growth in the United States, the world’s top oil consumer, unexpectedly accelerated in July. On Sunday, China also surprised markets with faster-than-expected growth in exports.