And an official indicator showed, on Wednesday, that manufacturing activity in China expanded at the fastest pace in more than a decade in February, which raised hopes that the recovery in the country could offset the global slowdown and raise demand for oil..
Brent crude was up 45 cents, or 0.5 percent, at $83.90 a barrel by 0910 GMT. US West Texas Intermediate crude also rose 49 cents, or 0.6 percent, to $77.54.
While the official purchasing managers’ index for China’s manufacturing sector rose to 52.6 last month from 50.1 in January, a survey in the private sector also showed an improvement in manufacturing for the first time in seven months..
Signs of an increase in supply were met with signs of improving demand from China, as an industrial report indicated high crude stocks in the United States, the world’s largest consumer..
US oil inventories rose by 6.2 million barrels in the week ending February 24, according to market sources, citing data from the American Petroleum Institute on Tuesday..
Official government inventory estimates are due for release at 1530 GMT on Wednesday. In another sign of oversupply, crude production from the Organization of the Petroleum Exporting Countries (OPEC) rose by 150,000 barrels per day in February, according to a Reuters survey..
#Oil #continues #rise #manufacturing #rebound #China