Oil prices soar and rise more than 4% | Economy

Oil prices rose more than 4% on Wednesday driven by a rebound in the market for positive news from China, after three days of losses due to fear of a weakening world economy.

Brent futures rose $ 2.44, or 4.2%, to close at $ 60.70 per barrel, while West Texas Intermediate (WTI) crude gained $ 2.32, or 4.3%, to 56 , 26 dollars.

This was the largest daily percentage increase for the WTI since July 10. Stock indexes around the world were recovered by a decrease in geopolitical concerns and optimistic economic data from China, which led buyers back to the stock market.

A private survey showed that activity in the Chinese services sector expanded in August at the fastest rate in three months due to an increase in new orders, which led to the largest increase in hiring in more than a year.

Investors' appetite for risk assets picked up even more after Hong Kong withdrew a controversial extradition bill that was at the center of recent protests. * However, some analysts pointed out that the general fundamentals of the oil market remain discouraging.

"Oil prices remain focused on the commercial war and if we do not continue to see a scheduled date for a face-to-face meeting between Chinese and US officials, the greater the chances that we will be able to see again the (registered) minimums in the summer boreal), "said Edward Moya, senior market analyst at OANDA in New York.