The price of Brent crude oil increased towards $59 a barrel on Wednesday due to better factory activity data than expected from China.
Reuters reported that Brent increased 11 cents to $58.77 a barrel, while US crude futures dropped 17 cents to $49.11 a barrel.
Prices were also supported by the Federal Reserve’s position on US interest rates and the euro zone’s approval to reforms proposed by Greece.
According to the flash HSBC/Markit Purchasing Managers’ Index, the factory sector in China showed marginal growth, which increased to a four-month high of 50.1 in February.
Federal Reserve chair Janet Yellen suggested that the US central bank was preparing to consider increasing interest rates on a meeting-by-meeting basis.
According to a report by Reuters, ample oil supplies continues to bogged down the market and restrict the impact of positive news on macroeconomic.
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