* Brazil GDP rebounds sharply in third quarter * Mexican, Colombian pesos rise, mirroring oil prices * Chilean peso rises for the fourth session in a row (Updates prices throughout, adds comments) By Ambar Warrick and Shreyashi Sanyal Dec 3 (Reuters) - Colombian and Mexican currencies hit nine-month highs on Thursday, tracking recent strength in oil markets, while most other Latin American currencies rallied on the back of encouraging economic readings from Brazil. Brazil"s real jumped 1.9% to a four-month high after data showed the country"s economy grew at a record pace in the third quarter due to a strong rebound across most sectors from coronavirus-induced lows. While the reading fell short of analyst expectations, it underscored a continuing economic recovery in Latin America"s largest economy. A survey also showed that Brazil"s services sector expanded in November for a third straight month, but at a slower pace than the month before. Improving economic trends and optimism over the eventual rollout of a coronavirus vaccine have driven gains in Latin American assets through the past few months. Given the recent positive vaccine developments, "the near-term economic outlook has brightened throughout the region," wrote Nikhil Sanghani, Latin America economist at Capital Economics. Mexico"s peso rose 0.4% and Colombia"s peso added 1%, as the crude exporters looked to benefit from a recent spike in oil prices. Crude markets were awaiting further OPEC supply cuts, which are likely to boost prices. Mexico"s peso recently benefited from the central bank"s standing pat on interest rates, while the prospect of calmer trade with the United States also drove capital inflows. "We see moderate MXN appreciation potential in 2021, as the external environment should be favorable for emerging market currencies due to the expansive monetary policies of the industrialized countries," analysts at Commerzbank wrote in a note. Colombia"s peso rose 1.5% after data earlier in the week showed the country"s current account deficit shrank to 2.7% of gross domestic product in the third quarter. Chile"s peso rose for a fourth straight session, as it continued to benefit from strong copper prices. Regional stocks rose for the day, with the MSCI"s index of Latin American equities touching a near nine-month high. Ultra-low lending rates across the world have made equities a reliable source of returns after the initial shock of the pandemic. Key Latin American stock indexes and currencies: Stock indexes Latest Daily % change MSCI Emerging Markets 1241.16 1.01 MSCI LatAm 2360.56 2.03 Brazil Bovespa 113145.71 1.13 Mexico IPC 43862.74 0.43 Chile IPSA 4188.80 0.76 Argentina MerVal 55307.69 0.07 Colombia COLCAP 1291.72 0.25 Currencies Latest Daily % change Brazil real 5.1448 1.86 Mexico peso 19.8992 0.31 Chile peso 751.9 0.51 Colombia peso 3466.5 1.54 Peru sol 3.5908 0.50 Argentina peso (interbank) 81.5600 -0.09 Argentina peso (parallel) 147 4.08 (Reporting by Ambar Warrick and Shreyashi Sanyal in Bengaluru; editing by Jonathan Oatis and Leslie Adler)