Oil prices rose by 5% reaching over $75 a barrel as China’s growth increased investor confidence.

US crude for July fell by 4¢ to stand at $75.44 per barrel at 07.04 GMT while ICE Brent rose 14¢ to $75.43.

China is driving crude demand growth while consumption from European economies has slowed down. China’s domestic crude oil output broke through 17 million tonnes and four million bpd for the first month ever, rising 2.1% from April to 4.04 million bpd, reports Reuters.