Oil prices recovered some ground on Wednesday, boosted by a wider market pick-up on positive news from China’s services sector, having touched their lowest in close to a month during the previous session on fears over the weakening global economy.
Brent crude was up 31 cents, or 0.53 per cent, at $58.57 a barrel by 0619 GMT, while US West Texas Intermediate futures gained 34 cents, or 0.63 per cent, at $54.28 a barrel.
Oil prices sank to a nearly one-month low on Tuesday following data that showed US manufacturing activity in August contracted for the first time in three years and euro zone manufacturing activity contracted for a seventh month in August.
