China's implied oil demand rises near 10%, US retail sales rise less than expected: oil edges higher

16-Jul-13
Oil on the Nymex rose to US$106.32 a barrel, while Brent crude settled at US$109. Prices have slightly edged up on Monday in thin trade, reversing earlier losses, as the market digested mixed economic and industry data from the United States and China, the world's biggest oil consumers, as per Reuters. China's annual GDP growth slowed to 7.5% in Q2-2013, the ninth quarter in the last 10 that the rate has fallen. However, China's implied oil demand rebounded in June to the highest in four months as refineries returned from maintenance. In the United States, data showed retail sales rose less than expected in June, adding to signs of a slowdown in economic growth, while a separate report showed the New York Federal Reserve's "Empire State" general business conditions index rose, indicating expansion in the region's factories.
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