Shutterstock photo
Markets

Crude rises on advancing Chinese industrial output numbers

Shutterstock photo

Shutterstock photo

Investing.com - U.S. crude oil prices shot up on Friday after Chinese industrial output figures beat expectations and renewed hopes for a more robust global recovery.

On the New York Mercantile Exchange, light sweet crude futures for delivery in September traded at USD105.58 a barrel during U.S. trading, up 2.11%.

The September contract settled down 0.93% at USD103.40 a barrel on Thursday.

China reported earlier that the country's industrial production rose 9.7% in July, beating expectations for a 9.0% increase and easing concerns over a slowdown in the world's second-largest economy.

Separate data showed that China's consumer price index remained unchanged at an annualized rate of 2.7% last month, just shy of expectations for an uptick to 2.8%.

The overall bullish data came a day after a report showed that Chinese exports rose 5.1% from a year earlier in July, beating expectations for a 3% increase and following a 3.1% drop in June.

The data showed that imports surged 10.9%, blowing past forecasts for a 2.1% increase and following a 0.7% decline in June.

The country's trade surplus narrowed to USD17.8 billion for the month from a surplus of USD27.1 billion in June.

China is the world's second largest oil consumer after the U.S., and improving manufacturing numbers often serve as a gauge for future fuel and energy demand.

On the ICE Futures Exchange, Brent oil futures for September delivery were up 0.89% at USD107.63 a barrel, up USD2.05 from its U.S. counterpart.

Investing.com - Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com or Follow us on Twitter at @ InvestingCom

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx