Oil Prices Up more than 4% following Positive Data from China, Bringing Brent Crude to $60.70 pbl

September 05, 2019

Oil prices rose more than 4% on Wednesday, buoyed by the overall market improvement on positive news from China, after three-day losses on concerns about a weakening global economy.

Brent crude futures rose $2.44, or 4.2%, to settle at $60.70 a barrel, while US West Texas Intermediate crude rose $2.32, or 4.3%, to $56.26.

Equity indices have rebounded around the world as geopolitical concerns subsided and positive news from China is optimistic for buyers to return to the stock market.

(Reuters)