On Wednesday, WTI Crude prices surged by 4.3 percent closing at $56.3 per barrel after positive economic data by China eased down the a few demand concerns. In August, China’s services sector grew at its fastest pace in about three months after new orders rose, prompting the biggest increase in hiring in over a year. China is the world’s second-largest oil consumer and largest importer, any development in their economy will have positive impact on Crude prices.
Prices were further supported after the intense tariff spat between U.S. & China Eased a bit. U.S. & Chinese officials will now meet in early October to resolve the protracted trade spat which has hampered the global economic growth and the demand prospects for Crude.
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