WASHINGTON (dpa-AFX) - Oil prices rose to a fresh six-week high on Monday as hopes about the outlook for energy demand outweighed disappointing industrial data from China.
West Texas Intermediate crude oil futures for July ended higher by $1.88 or about 1.25% at $80.33 a barrel, the highest settlement sine April 29.
Brent crude futures climbed to $84.25 a barrel, gaining $1.63 or nearly 2%.
Traders picked up the commodity on expectations of increased gasoline demand during the summer driving season.
China reported mixed economic data today, underlining the country's bumpy recovery.
China's May retail sales topped forecasts, but industrial output, home sales and fixed-asset investment all underwhelmed, suggesting Beijing would need to do more to prop up feeble domestic demand.
China's state media reported that the country is facing internal and external constraints to lower rates.
On the geopolitical front, investors fretted about a wider Middle East war after the Israeli military warned that intensified cross-border fire from Lebanon's Hezbollah terror group into Israel could trigger serious escalation.
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