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.
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.