Oil prices rise over 4% on positive economic data from China - Reuters

Oil prices rise over 4% on positive economic data from China - Reuters:

Oil prices rose more than 4% on Wednesday, boosted by a wider market pickup on positive news from China, after three days of losses due to fears about a weakening global economy.

Brent futures LCOc1 rose $2.44, or 4.2%, to settle at $60.70 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained $2.32, or 4.3%, to $56.26.

That was the biggest daily percentage increase for WTI since July 10.

Stock indexes worldwide rebounded as easing geopolitical concerns and upbeat economic data from China brought buyers back to the equities market.