Oil price climbs from 2-year low to above US$95

[LONDON] Oil rose from the lowest level in more than two years to over US$95 a barrel on Wednesday, as a slightly better-than-expected Chinese factory survey countered worries of an economic slowdown in the world's No 2 oil consumer and of ample supplies.

Growth in China's manufacturing sector held up in September but remained subdued. The Purchasing Managers' Index (PMI) came in at 51.1, just ahead of forecasts for a 51.0 reading and offering some relief to investors worried about slowing growth.

Concern over increasing Opec oil supply, weak European and Chinese growth, and a stronger dollar pushed global benchmark Brent to its lowest since June 2012 on Tuesday, and the same factors are likely to keep a lid on any price recovery.