Crude up in Asia as China reports stable growth

U.S. Crude edged higher in Asia on Monday as China released stable GDP growth data and a choppy market on supply concerns ahead of a July 24 meeting of OPEC an allies on the state of play for production cuts.

The U.S. West Texas Intermediate crude for August contract rose 0.17% to $46.62 a barrel, while on the ICE Futures Exchange in London, Brent oil for September delivery was last quoted at $49.00.

China released second quarter GDP growth with a gain of 1.7% that matched expectations and a year-on-year increase of 6.9% that came in slighltly higher than the expected 6.8%. At the same time, China reported industrial production gained 7.6% from a year earlier in June and retail sales rose 11% in June…

 

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