Oil prices were boosted today as China’s economic growth met expectations, while supply disruptions in the North Sea and Iran provided support.
Brent crude rose 21 cents to $101.28 a barrel, while US crude rose by 16 cents $86.24.
China’s GDP grew at 7.6% in the second quarter from a year ago, but gains were capped as the country’s refinery throughput fell for the third straight month in June because of slowing growth.
The US put pressure on Iran’s ability to export oil yesterday, identifying Tehran’s main tanker firm and exposing dozens of its vessels as government-controlled entities, reports Reuters.
In the North Sea, Britain’s largest oilfield has halted production after suffering a glitch, supporting Brent prices. The glitch is reported to have caused output to fall to 50,000 barrels each day.