US crude rose by 27¢ to stand at $89.08 a barrel this morning, while Brent crude gained 15¢ to $115.27 after China’s manufacturing rebounded in August, increasing expectations that growth in the US will offset slowing industrialised economies.
China’s official PMI index increased to 50.9 in August from a 28-month low of 50.7 in July, while the financial markets lifted Asian stocks on hopes that the US Federal Reserve would intervene to support the economy.
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Prices were also affected by a report that showed the US private sector added 91,000 jobs in August.
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