Oil prices close up one penny on China stimulus hopes
Benchmark oil added 1 cent to settle at $93.36 per barrel in New York.
The Associated Press
NEW YORK — The price of oil rose a penny Thursday after China said factory production grew at a slower pace in July and retail sales weakened. That's renewing expectations for government action to boost the world's second-biggest economy.
Benchmark oil added 1 cent to settle at $93.36 per barrel in New York. Brent crude, which is used to price international varieties of oil, gained $1.08 to $113.22 per barrel in London.
A stronger dollar on positive U.S. jobs data kept gains for oil in check, however.
China on Thursday said its inflation rate fell further in July, giving the government more room to stimulate growth amid mixed signals about whether the world's second-largest economy is recovering from a painful slowdown.
Crude has surged from below $78 in late June amid hopes that policymakers in the U.S., Europe and China will soon implement monetary and fiscal stimulus measures to help reverse slowing economic growth.
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Other futures prices on the New York Mercantile Exchange:
— Natural gas prices rose after a government report showed a smaller than expected increase in U.S. inventories. Futures rose 1.2 cents to $2.945 per 1,000 cubic feet, although they had gained more than 10 cents earlier.
— Heating oil increased 3 cents to $3.05 per gallon.
— Gasoline gained 2 cents to $3.00 a gallon.
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