Summary Oil prices ended modestly higher on Friday on improved Chinese economic growth.
NEW YORK (AFP) - Oil prices ended modestly higher on Friday, getting a lift from stronger-than-expected economic growth in China, the world s largest energy consumer.
But with traders still worried about ample global supplies, after wild swings during the week, Friday s gains left crude prices only slightly higher from a week ago.
US benchmark West Texas Intermediate for delivery in August rose 27 cents to finish the session at US$45.95 a barrel on the New York Mercantile Exchange.
In London, Brent North Sea crude for September delivery fetched US$47.61 a barrel, up 24 cents from Thursday s settlement.
The Chinese government reported the economy grew at an annual rate of 6.7 per cent in the second quarter, faster than in the first quarter, putting the economy on track to hit the official target of 6.5-7.0 per cent for 2016.
"Chinese economic growth came in last night and that was supportive to the market a little bit," said Andy Lipow of Lipow Oil Associates.
Nevertheless, he noted, "The market is really just trading in a range, on the one hand pressured by the continued oversupply situation and on the other hand supported by supply disruptions and economic growth data."
Chinese demand remains relatively weak, according to energy market specialists S&P Global Platts, which reported China s apparent oil demand shrank by 2.7 per cent in May from a year earlier.
"The contraction in oil demand in May represented the fourth consecutive month of negative growth and was due to declines in gas oil and fuel oil demand, amid slowing economic growth," it said.
"China s oil demand growth is expected to moderate significantly in 2016 as gross domestic product growth slows on the back of economic rebalancing."
