World oil prices recovered some lost ground this evening after sharp early falls on the back of weak Chinese economic data and a stronger dollar. US crude rose 31 cents to $74.28 a barrel, coming off a low of $71.64. London's Brent crude slid 33 cents to $74.32.
The market was also helped by a survey showing that the US manufacturing sector grew for the 10th consecutive month in May, lifting hopes of a sustained, if moderate, economic recovery. The US is the world's biggest energy consuming nation, followed by China.
In earlier trade, oil plunged on the back of weak stock markets, downbeat Chinese data and the stronger dollar, which makes the commodity more expensive for buyers using weaker currencies and tends to hit demand. The euro bounced back, however, in afternoon trading.
Oil traders also digested data showing that China's purchasing managers index (PMI) slipped in May to 53.9 from 55.7 in April.
