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Oil lower but underpinned by China data

Published 15/07/2016, 12:52
Updated 15/07/2016, 12:52
© Reuters.

© Reuters.

Investing.com – Oil futures were lower Friday but received some support from stronger-than expected Chinese economic data. U.S. crude was down 27 cents, or 0.59%, at $45.41 at 06:45 ET after a low of $45.06. Brent crude was down 0.61% at $47.08. Concerns about a global supply glut remain in place but stronger- than-expected Chinese GDP growth lent some support. China’s gross domestic product was up 6.7% in the second quarter against forecast growth of 6.6%. June industrial production and retail sales also came in above forecast, helping to assuage concerns about a demand slowdown in Asia. Baker Hughes U.S. rig count figures are due out later Friday. The dollar index was slightly lower, helping to underpin demand for oil.

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