Oil prices rose in choppy trading on Wednesday after data showed Euro zone economic growth was stronger than previously estimated in the second quarter.
Brent crude futures for November delivery rose over 1 percent to $93.78 a barrel, while WTI crude futures for October settlement were up 0.9 percent at $87.62.
The upside was capped by fear of weak demand outlook coupled with the growing prospect of more interest rate hikes in the United States and Europe.
GDP in the 19 countries using the euro rose by 0.8 percent sequentially and by 4.1 percent year-on-year, Eurostat said. The previous estimated figures were 0.6 percent and 3.9 percent, respectively.
Prices hit seven-week lows earlier today after customs data showed Chinese crude oil imports fell 9.4 percent in August from a year earlier as a result of stringent COVID curbs.
Inventory reports from the American Petroleum Institute, an industry group, and the U.S. Energy Information Administration are delayed a day this week due to the Labour Day federal holiday on Monday.
