Oil prices go up amid hopes for China economy strengthening

Oil prices go up amid hopes for China economy strengthening

PanARMENIAN.Net - Oil prices rose Wednesday, May 8 after an upswing in China's trade for April restored hopes that the world's second-largest economy was strengthening, The Associated Press reported.

Benchmark crude for June delivery was up 10 cents to $95.72 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 54 cents to finish at $95.62 per barrel on Nymex on Tuesday.

China said its exports for April rose 14.7 percent over a year earlier while imports gained 16.8 percent. Both figures represented an acceleration of growth compared with March.

The figures suggest China's economic growth might be improving after an unexpected decline to 7.7 percent in the first three months of the year from the previous quarter's 7.9 percent.

Later Wednesday, the U.S. Energy Department will release its weekly report on U.S. oil inventories. Analysts surveyed by Platts expect an increase in supplies of 1.9 million barrels in the week ended May 3. Carl Larry of Oil Outlooks and Opinions said in a daily newsletter that he expects to see an additional 2 million barrels.

Brent crude, which is the benchmark for international oil varieties, fell 7 cents to $104.33 per barrel on the ICE Futures exchange in London.

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