Crude prices rally amid positive U.S. data, Russia-Ukraine talks

Crude prices rebounded Wednesday amid positive U.S. factory data and cease-fire talks between Russia and Ukraine.

On the economic calendar, U.S. factory orders in July rose 10.5 percent, largely in line with market expectations, the Commerce Department reported Wednesday.

U.S. mortgage applications increased 0.2 percent for the week ending Aug. 29 from one week earlier, according to the Mortgage Bankers Association.

Investors are looking to a string of major jobs data scheduled for release later in the week, including the U.S. non-farm payroll report for August Friday.

Oil recovered a lot of its losses Tuesday, when crude prices dived as economic data of China and Eurozone came out worse than expected.

The markets were also pushed up by the new progress in Ukraine. Kremlin said later Wednesday that Russian and Ukrainian presidents have just discussed "steps" towards a ceasefire in eastern Ukraine.

Light, sweet crude for October delivery moved up 2.66 dollars to settle at 95.54 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained 2.43 dollars to close at 102.77 dollars a barrel.