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China industrial data helps oil rebound

11 august 2013, 11:23
0
©AFP
©AFP
Oil prices charged back Friday after falling for five straight sessions, helped by stronger-than-expected numbers on Chinese industrial output in July, AFP reports.

In New York, the benchmark WTI crude for September delivery added $2.57 to $105.97.

In London, Brent North Sea oil for September gained $1.54 to $108.22.

The rebound ended five straight daily losses that began a week ago, a correction after prices pushed to multi-month highs in late July helped by a rise in worries over violence and threatened Al-Qaeda attacks in the Middle East.

It was sparked early Friday when China turned in solid growth numbers for industrial production last month: output in the world's second largest economy grew 9.7 percent year-on-year, compared to 8.9 percent in June.

Inflation in China was also steady at 2.7 percent in July, potentially giving the government more room to stimulate the economy.

The gains in oil prices came even as the International Energy Agency (IEA) trimmed its outlook for world oil demand growth over the next 18 months and highlighted threats to the dominance of producer cartel OPEC from North American shale energy.

The agency trimmed its forecast for global oil demand this year by 30,000 barrels per day to 895,000 barrels per day, tying that adjustment to the International Monetary Fund lowering its forecast for global economic growth last month, from 3.3 percent to 3.1 percent.

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