NEW YORK – Oil futures in the U.S. closed higher on Friday, with the trend lasting 3 days and rising up to over 3% during the week. This is due to the fact that China’s GDP in the second quarter was not as bad as some sectors feared, easing various fears in the market.
In New York, the price of crude oil rose 1.2 dollars or 1.18% to close at 87.10 dollars a barrel.
For the week, oil prices rose by as much as $2.65 or 3.14%.
Production problems in the North Sea also boosted prices. The daily load of the four strategic oil pipes in the area could be delayed after production problems were discovered in Buzzard field.
China’s economy grew by 7.6% in the second quarter, easing fears of a greater cooling, although the growth rate was the lowest in three years, making it the country’s lowest annual growth average since 1999.
China’s second quarter growth boosted U.S. stocks more than 1%, while the Euro rebounded from its lowest level in two years.
Brent crude rose 1.33 dollars to 102.40 dollars a barrel. Brent made a weekly gain of 4.29% in its third week on the upside.