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Oil prices resumed Wednesday after touching their lowest level for nearly a month in the previous session, fearing that a weakening global economy is weighing on demand.
Brent rose 12 cents, or 0.21 percent, to 58.38 dollars a barrel at 4:25 GMT, while West Texas Intermediate futures rose 20 cents, or 0.37 percent, to 54 cents. 14 dollars a barrel.
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Oil prices reached Tuesday their lowest level for almost a month after data showing that US manufacturing activity in August was contracted for the first time in three years and that manufacturing activity in the euro area has contracted for the seventh month of August.
Global markets, however, rebounded Wednesday after a private investigation that showed that activity in China's services sector had grown at a record pace in August due to higher new orders, resulting in the largest increase in hires in one year.
China is the world's second largest consumer of oil and the largest importer.
"Given the fall we have seen overnight, it is likely that people will gain on short films or establish new positions pending a Beijing announcement on fixation." of a date for trade negotiations with the United States), "said Michael McCarthy, market chief. strategist at CMC Markets in Sydney.
A short position is when an investor sells futures anticipating a fall in prices, while a long one is when you buy it to take advantage of rising prices.
US President Donald Trump announced on Tuesday that he would be "tougher" against Beijing in a second term if trade talks dragged on, which would worsen market fears that ongoing trade disputes between the United States and China does not cause a US recession.
"Market participants are increasingly worried about the risk of a recession," said Stephen Innes, market strategist at AxiTrader.
"In addition, given that tariffs are a significant threat to US growth and hence to the health of the world economy, oil prices will remain under pressure, especially if the trade and tariff war shows no signs of slackening. sign of decline. "
Data due this week on US inventory levels will be delayed from one day to Wednesday and Thursday due to Monday's Labor Day holiday in the United States.
US stocks of crude oil probably declined for the third week in a row, a preliminary Reuters survey said on Tuesday.
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On the supply side, Venezuela's oil exports fell in August to their lowest level in 2019, according to internal reports and Refinitiv Eikon data, following stronger sanctions imposed by the United States.
(Report by Jessica Jaganathan and Florence Tan, edited by Christian Schmollinger)
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