West Texas Intermediate rose, reversing earlier losses as signs that China’s economy is stabilizing countered concern that a recovery may falter in the U.S., the world’s largest oil consumer. Futures gained as much as 0.7 percent after China’s non-manufacturing Purchasing Managers’ Index showed the first acceleration since March, according to government data on Aug. 3. U.S. non-farm payrolls rose by 162,000 in July, the smallest gain in four months, the Labor Department said. Libya resumed shipments from one export terminal, while Iranian President Hassan Rohani pledged in his inaugural speech to shun extremism and take a moderate approach. WTI for September delivery was at $107.47 a barrel in electronic trading on the New York Mercantile Exchange, up 53 cents, or 0.5 percent, as of 8:44 a.m. London time. It earlier fell as much as 0.9 percent. The volume of all futures traded was 8 percent above the 100-day average. The contract slid 95 cents to $106.94 on Aug. 2. Brent for September settlement climbed 31 cents to $109.26 a barrel on the London-based ICE Futures Europe exchange. The European benchmark was at a premium of $1.80 a barrel to WTI. The spread was at $2.01 on Aug. 2, widening for the first time in three days. To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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