Oil prices nudge higher, but economic worries loom - Reuters

Oil prices nudge higher, but economic worries loom - Reuters:

Oil prices recovered some ground on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, having touched their lowest in close to a month during the previous session on fears over the weakening global economy.

Brent crude LCOc1 was up 31 cents, or 0.53%, at $58.57 a barrel by 0619 GMT, while U.S. West Texas Intermediate futures CLc1 gained 34 cents, or 0.63%, at $54.28 at barrel.

Oil prices sank to a nearly one-month low on Tuesday following data that showed U.S. manufacturing activity in August contracted for the first time in three years and euro zone manufacturing activity contracted for a seventh month in August.