Oil prices rise on US data

Oil prices rose slightly on Friday, supported by stronger-than-expected US economic data that boosted investors’ assessments of growing demand for crude from the world’s largest energy consumer. However, concerns about the economic conditions in Asia’s two largest economies, China and Japan, limited gains.

Brent crude futures for September delivery rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September delivery rose 4 cents to $78.32, according to Reuters.

Data from the US Commerce Department showed that the economy grew at a faster-than-expected annual rate of 2.8% in the second quarter amid increased consumer spending and higher business investment. Economists polled by Reuters had forecast US gross domestic product growth of 2% during the period.

China, the world’s largest importer of crude oil, surprised markets for the second time this week by conducting an unscheduled lending operation on Thursday at sharply low interest rates, reflecting attempts by authorities to provide heavier monetary stimulus to support the economy.