The price of oil rose Monday as a report of weaker economic growth in China slowed but could not halt crude's upward momentum.
U.S. benchmark crude for August delivery gained 37 cents, or 0.4 percent, to settle at $106.32 a barrel on the New York Mercantile Exchange.
Oil is up about 10 percent so far this month. It has been jolted higher by unexpectedly sharp drops in U.S. crude and gasoline inventories, which suggest stronger demand. The military ouster in early July of Egypt's president has also added a premium to crude, reflecting the risk of supply disruption from political instability in a country that controls the Suez Canal.
Those factors were tempered Monday by a second straight quarter of slowing economic growth in China. The world's No. 2 economy expanded 7.5 percent in the April-June quarter after 7.7 percent growth in the previous quarter. It was China's weakest growth rate since 1991 and signals a decrease in its need for crude and other fuels.
Brent crude rose 11 cents, or 0.1 percent, at $108.92 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles