Oil prices rose today over positive manufacturing data from China in July which grew at its fastest pace in nine months, aided by pro-growth government policies.

However, gains were curbed over fears of a Spanish bailout, as Spain’s Government will sell short-term debt today.

Brent crude rose by 81 cents to $104.07 a barrel, while US crude gained 58 cents to $88.72.

Financial markets were hit after Moody’s Investors Service allotted a negative rating to Germany, the Netherlands and Luxembourg, citing Greece’s possible exit from the eurozone.

Greece is scheduled to meet the European Union, European Central Bank and the International Monetary Fund to renegotiate rescue payments.

Supply worries remained due to tensions in Syria and regarding Tehran’s nuclear programme, reports Reuters.