Oil increases on improved China growth

17/07/2016 05:12 AST

Oil prices ended modestly higher Friday, getting a lift from stronger-than-expected economic growth in China, the world’s largest energy consumer.

But with traders still worried about ample global supplies, after wild swings during the week, Friday’s gains left crude prices only slightly higher from a week ago.

US benchmark West Texas Intermediate for delivery in August rose 27 cents to finish the session at $45.95 a barrel on the New York Mercantile Exchange.

In London, Brent North Sea crude for September delivery fetched $47.61 a barrel, up 24 cents from Thursday’s settlement.

The Chinese government reported the economy grew at an annual rate of 6.7 percent in the second quarter, faster than in the first quarter, putting the economy on track to hit the official target of 6.5-7.0 percent for 2016.

“Chinese economic growth came in last night and that was supportive to the market a little bit,” said Andy Lipow of Lipow Oil Associates.

Nevertheless, “the market is really just trading in a range, on the one hand pressured by the continued oversupply.


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