Oil prices rose today after having previously fallen for six consecutive days, after China’s positive PMI data revealed a gradual recovery in the world’s second largest oil consumer.
A survey of purchasing managers indicated that the Chinese economy is picking up from its weakest period of growth in three years, with the amount of new orders and output at their highest in months.
The data reduced fears of a slowing global economy in view of poor corporate earnings and outlooks in the US.
Brent crude gained $109.28 a barrel, while US oil rose by 63 cents to reach $87.31, following a four-day decline.
The Energy Information Administration is expected to provide inventory numbers later today.
Iran’s oil minister Rostam Qasemi said it will stop oil exports if the sanctions against the nation are increased, and claimed it has a plan in place to survive without any oil revenues.
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