Oil prices climb as the positive economic data from the Eurozone offset concerns over a slowdown in the Chinese economy

Oil prices rose as the positive economic data from the Eurozone offset concerns over a slowdown in the Chinese economy. China's crude oil imports dropped 13% in August, while exports plunged 33%, according to Chinese customs data.

Eurostat released its revised GDP data today. Eurozone's revised gross domestic product (GDP) rose 0.4% in second quarter, up from the preliminary reading of a 0.3% increase, after a 0.5% gain in the first quarter. The first quarter's reading was revised up from a 0.4% rise.

On a yearly basis, Eurozone's revised gross domestic product (GDP) increased 1.5% in second quarter, up from the preliminary reading of a 1.2% gain, after a 1.0% rise in the first quarter.

Destatis released its trade data for Germany on Tuesday. Germany's seasonally adjusted trade surplus climbed to €22.8 billion in July from 22.1 in June.

Exports increased at a seasonally and calendar-adjusted 2.4% in July, while imports rose 2.2%. These were the highest seasonally adjusted monthly readings ever calculated both for exports and for imports, according to Destatis.

The oil driller Baker Hughes reported that the international rig count for August. The number of rigs rose by 19 to 1,137 in August from 1,118 counted in July.

Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data on Wednesday, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Thursday.

WTI crude oil for October delivery rose to $46.08 a barrel on the New York Mercantile Exchange.

Brent crude oil for October increased to $49.41 a barrel on ICE Futures Europe.