Oil prices rise, shrug off inventory gain, look for China stimulus - Reuters

Oil prices rise, shrug off inventory gain, look for China stimulus - Reuters:

Oil prices rose on Thursday as investors banked on more economic stimulus by China after weak PMI data, partly recovering from losses in the previous session on a much larger than expected build in U.S. crude stocks.

Brent crude futures were up 39 cents, or 0.6%, at $61 a barrel by 0747 GMT. They dropped by 1.6% on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.5%, at $55.36 after a 0.9% decline in the previous session.

Factory activity in China shrank for a sixth straight month in October while growth in China’s services sector activity was its slowest since February 2016, official data showed on Thursday.