Brent crude held above $106 a barrel today on improving economic outlook and increased oil demand in China.
Reuters reported that Brent traded at $106.02 while US crude gained 47 cents to settle at $100.43 a barrel.
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Brent was trading below $106 a barrel before the release of China’s economic data, which was better than anticipated and is expected to have a positive impact on oil prices.
The Chinese Government data revealed that the country’s economy increased 7.5% between April and June, compared with the previous year.
According to Reuters, China’s implied oil demand increased 2.6% compared with a year ago to 10.2 million barrels per day in June, the highest since January 2013.
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Meanwhile, data from the American Petroleum Institute (API) showed that crude oil inventories declined 4.8 million barrels in the week ending 11 July.
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