Oil Edges Higher In Choppy Trade

Oil prices rose in choppy trade on Monday as June factory output and retail sales figures from China offered signs of improvement, offsetting weak GDP data.

China’s economy expanded at the slowest pace in 27 years in the second quarter, raising fresh worries about demand in the world’s largest crude oil importer.

China’s economic growth slowed to 6.2 percent in the second quarter, helping raise expectations that Beijing will roll out more stimulus soon to ward off a sharper downturn.

On the positive side, annual growth in industrial production advanced more-than-expected to 6.3 percent from 5 percent in May, showing the fastest growth in three months.

Likewise, retail sales grew at a faster pace of 9.8 percent after rising 8.6 percent a month ago. Economists had forecast an 8.5 percent increase for June.

Benchmark Brent crude rose 0.45 percent to $67.02 a barrel, while U.S. crude futures for August delivery were up 0.2 percent at $60.33 a barrel.

Both benchmarks last week posted their biggest weekly gains in three weeks on the back of OPEC output cuts and geopolitical tensions in the Middle East.

Iranian President Hassan Rouhani said in a televised speech on Sunday that Tehran would be ready to talk to the United States if it lifts sanctions and returns to the 2015 nuclear deal.

Meanwhile, Barry, which was downgraded from a tropical storm to a tropical depression, is expected to weaken further as it moves over Arkansas.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Oil Edges Higher In Choppy Trade

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