Investing.com - Oil prices spiked higher on Wednesday, boosted by positive news from China’s services sector.
• China’s services sector expanded by the fastest pace in three months in August, driven by new orders. China is the world’s second-largest oil consumer.
• West Texas Crude oil futures for December surged 3.3% to $55.72 a barrel as of 10:27 AM ET (14:27 GMT).
• Brent crude futures, the benchmark for oil prices outside the U.S., rose 3.1% to $60.08 a barrel.