Crude rises on signs of a recovery in US, China

08-Jul-10
Crude oil prices have risen to levels of US$75 on signs of recovery in USA and China. Oil prices have climbed to their highest level in a week on reports of gains in US retail sales at an average monthly rate of 4% in the five months to June, and a drop in crude inventories. The International Council of Shopping Centers has estimated expansion in retail sales at the fastest pace in four years, while crude stockpiles fell 2% to 351.8 million barrels last week, the biggest drawdown since September, as per API. The markets have been enthusiastic about China's plan to bring forward US$100 ln in infrastructure spending to this year.
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