04.09.201906:43:00UTC+00Oil Prices Rebound After China Data

Oil prices recovered some ground on Wednesday as upbeat data from China helped ease global growth worries.

Benchmark Brent crude rose half a percent to $58.56 a barrel, while U.S. West Texas Intermediate futures were up 0.8 percent at $54.38 a barrel.

Oil prices sunk to a nearly one-month low on Tuesday after data showed manufacturing across vast parts of Europe and Asia remain deeply mired in a crisis.

American manufacturing shrank for the first time in three years this summer, with new orders and hiring declining sharply as trade tensions weighed on business confidence.

There is some relief on the data front as a private survey showed earlier today that activity in China's services sector expanded at the fastest pace in three months in August.

The services Purchasing Managers' Index came in at a three-month high of 52.1, up from 51.6 in July despite broader economic headwinds.

Meanwhile, data due this week on U.S. inventory levels will be delayed by a day to Wednesday and Thursday because of the U.S. Labour Day holiday on Monday.