Oil recovers a little but economic worries persist

A worker checks the valve of an oil pipe at the Lukoil company-owned Imilorskoye oilfield outside the Siberian city of Kogalym, Russia. Picture: REUTERS/SERGEI KARPUKHINOil prices recovered some ground on Wednesday after touching their lowest in close to a month during the previous session on the concern that a weakening global economy could depress demand.

But global markets bounced on Wednesday after a private survey showed that activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year.

“Market participants are becoming increasingly worried about recession risk,” said Stephen Innes, a market strategist at AxiTrader.

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