Oil prices bounced this evening in choppy trading, supported earlier by manufacturing figures from China and Europe that were less gloomy than expected and boosted by stronger stock markets.
Supporting Brent crude prices was the continued fighting in Libya as rebels attempt to control Tripoli and battle forces remaining loyal to the Gaddafi regime.
Brent crude rose 50 cents to $108.86 a barrel, while US crude rose 50 cents to $84.92.
Meanwhile, gold soared above $1,910 an ounce in Hong Kong for the first time today as dealers flocked to the safe haven asset due to growing concerns over the state of the global economy.
The precious metal later slipped below $1,910 after the manufacturing figures from China and the euro zone.
News that Royal Dutch Shell declared force majeure on Nigerian Bonny Light crude exports because of pipeline incidents also supported oil prices.
HSBC's China Flash Purchasing Managers' Index (PMI) edged up to 49.8 in August, from July's final reading of 49.3, but though better than expected it still left the index below the 50-point mark that demarcates expansion from contraction.
Also helping boost Wall Street and global equities was a Markit survey that showed business activity growth in Germany was the weakest in 25 months in August, but was less gloomy than expected.
