Oil prices rose on Thursday as investors banked on more economic stimulus by China after weak PMI data, partly recovering from losses in the previous session on a surprise build in US crude stocks.
Brent crude futures were up 24 cents, or 0.4 per cent , at $60.85 a barrel by 0221 GMT, having fallen earlier in the session. They dropped by 1.6 per cent on Wednesday.
US West Texas Intermediate (WTI) crude futures were up by 10 cents, 0.2 per cent , at $55.16 a barrel. They ended 0.9 per cent lower the previous session.
Factory activity in China shrank for a sixth straight month in October, while growth in China’s services sector activity slowed to the lowest since February 2016, official data showed on Thursday.
