Brent up more than $1/bbl on China economy data

13 July 2012 11:14  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1.00/bbl on Friday to take Brent crude on ICE Futures above $102.00/bbl as a slowdown in China’s economy renewed investor expectations that the country's central bank will announce more measures to revive growth.

Official data showed that China’s GDP grew by 7.6% in the second quarter, the slowest since the second quarter of 2009 when the global economy was hit by a financial crisis.

By 09:50 GMT, August Brent crude had hit a high of $102.24/bbl, a gain of $1.17/bbl from Thursday’s close of $101.07/bbl, before easing back to around $102.15/bbl.

At the same time, August NYMEX light sweet crude futures were trading around $86.75/bbl, having hit a high of $86.80/bbl, a gain of 72 cents/bbl from the previous close of $86.08/bbl.

By: Tony Dillon
+44 20 8652 3214

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