Oil picks up despite fear of global economy weakness

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Oil platform (Photo: Reuters)
Oil prices rise driven by a rebound in the market thanks to positive news from the Chinese services sector, after three days of losses due to the constant fear of a weakening of the global economy.

Brent, an international benchmark, earned 61 cents, or 1.05 percent, at $ 58.87 a barrel. Meanwhile, the West Texas Intermediate (WTI), a US reference, rose 69 cents, or 1.28 percent, to $ 54.63 per barrel.

Published data showed that manufacturing activity in U.S it contracted in August for the first time in three years, while the activity of the euro zone contracted for the seventh month.

World markets were recovering after a private survey showed that in August the activity in the services sector of China it expanded at the fastest rate in three months, which caused the largest increase in hiring in more than a year.

China is the world's second largest oil consumer and the largest importer.

Yesterday, President Donald Trump warned that it would be "tougher" with Beijing in a second term if the trade talks were prolonged, exacerbating market fears that the crisis between the two countries will trigger a recession in U.S.

The API industry group reports and the official EIA figures on the oil inventories in the United States they will be published this week with a lag day because Monday was a holiday in that country.

It is anticipated that the reserves of raw of U.S have decreased for the third consecutive week.

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