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09.08.2013 15:41

Oil rose for the first time in six days

West Texas Intermediate crude rose for the first time in six days, trimming a weekly drop as industrial production advanced more than forecast in China, the second-biggest oil consumer.

Futures gained as much as 1.4 percent in New York, snapping the longest streak of declines since December. China’s factory output climbed 9.7 percent in July from a year earlier, 0.8 percentage points higher than forecast in a Bloomberg survey, figures from the National Bureau of Statistics show. Prices held gains even as the International Energy Agency cut its estimate for 2014 global oil demand growth.

WTI for September delivery advanced as much as $1.42 to $104.82 a barrel in electronic trading on the New York Mercantile Exchange and was at $104 as of 1:46 p.m. London time. The contract fell 97 cents to $103.40 yesterday amid speculation that the Federal Reserve will trim stimulus measures in the U.S. Prices are down 2.8 percent this week.

Brent for September settlement rose 0.4 percent to $107.09 a barrel on the London-based ICE Futures Europe exchange. The European benchmark was at a premium of $3.09 to WTI, down from $3.28 yesterday.

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