Crude oil prices rose on Friday after two days of declines, buoyed following dat...
TOKYO - Crude oil prices rose on Friday after two days of declines, buoyed following data showing a rise in U.S. retail sales helped ease some concerns about a recession in the world’s biggest economy.
Brent crude LCOc1 was up 31 cents, or 0.5%, at $58.54 a barrel at 0047 GMT, after falling 2.1% on Thursday and 3% the previous day. U.S. retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after a key part of the U.S. Treasury yield curve inverted for the first time since June 2007 prompting a sell-off in stocks and crude oil.“The robust U.S. economic data released overnight is providing some degree of comfort as it suggests a less gloomy U.S.
The price of Brent is still up nearly 10% this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries and allies such as Russia, a group known as OPEC+. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.
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