Oil Rises With China Economic Data Countering Demand Fears

  • Oil rose as data showed China’s economic recovery from the coronavirus crisis is gathering strength, offsetting a bleak assessment of demand by another top energy organization. Futures gained 1.2% with below-average trading volumes in New York.
  • Chinese retail sales rose for the first time this year in August while industrial production expanded by a higher-than-expected 5.6%. The data drove European equities and U.S. stock futures higher.
  • The International Energy Agency was the latest bearish voice on oil demand, following pessimistic calls this week from BP Plc (British Petroleum), Trafigura Group, and the OPEC cartel. The market outlook has grown “even more fragile” with a resurgence of the pandemic, the IEA said Tuesday.

(Source: Bloomberg)