Brent crude jumped more than 4 per cent on Wednesday to rise back above $60 a barrel, tracking gains in equities during a period when oil prices have been whipsawed by fears for the global economy.
Traders and analysts said the market was rebounding after stronger economic figures out of China had calmed fears of a global slump, though data from the US and Europe still point to a slowdown in manufacturing.
Brent crude, the international benchmark, rose by 4.1 per cent to $60.64 a barrel, rebounding after falling by as much as 2.5 per cent in the previous session.
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