Chinese Economy: Oil prices rise after strong growth

NEW YORK:  

Oil prices ended modestly higher, 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.  “China’s oil demand growth is expected to moderate significantly in 2016 as gross domestic product growth slows on the back of economic rebalancing.”

Published in The Express Tribune, July 17^th, 2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.