Crude oil prices rebounded from the previous session's decline on Tuesday, after data showed that third quarter growth in China slightly exceeded expectations.
Crude oil futures move higher after China growth dataCrude oil prices advance after China growth data
On the ICE Futures Exchange in London, Brent for December delivery tacked on 78 cents, or 0.91%, to hit $86.18 a barrel during European morning hours.
A day earlier, Brent prices lost 76 cents, or 0.88%, to end at $85.40 a barrel.
London-traded Brent prices fell to a four-year low of $82.93 on October 16 as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity.
Official data released earlier showed that China’s economy expanded at an annual rate of 7.3% in the third quarter, down from growth of 7.5% in the preceding quarter.
While the figure exceeded market expectations of 7.2%, it was also the slowest expansion since the first quarter of 2009.
A separate report showed that industrial production rose by an annualized rate of 8.0% in September, compared to forecasts for a 7.5% increase, after a 6.9% gain in the previous month.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in November traded at $82.57 a barrel, up 66 cents, or 0.81%.
Nymex oil prices declined 15 cents, or 0.18%, to settle at $81.91 a barrel on Monday.
New York-traded oil futures tumbled to $79.78 a barrel on October 16, a level not seen since June 2012.
Crude oil futures move higher after China growth dataCrude oil prices advance after China growth data
On the ICE Futures Exchange in London, Brent for December delivery tacked on 78 cents, or 0.91%, to hit $86.18 a barrel during European morning hours.
A day earlier, Brent prices lost 76 cents, or 0.88%, to end at $85.40 a barrel.
London-traded Brent prices fell to a four-year low of $82.93 on October 16 as concerns over the global economic outlook and the impact on future demand prospects dampened the appeal of the commodity.
Official data released earlier showed that China’s economy expanded at an annual rate of 7.3% in the third quarter, down from growth of 7.5% in the preceding quarter.
While the figure exceeded market expectations of 7.2%, it was also the slowest expansion since the first quarter of 2009.
A separate report showed that industrial production rose by an annualized rate of 8.0% in September, compared to forecasts for a 7.5% increase, after a 6.9% gain in the previous month.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in November traded at $82.57 a barrel, up 66 cents, or 0.81%.
Nymex oil prices declined 15 cents, or 0.18%, to settle at $81.91 a barrel on Monday.
New York-traded oil futures tumbled to $79.78 a barrel on October 16, a level not seen since June 2012.