West TX Oil Back Above $95 on Positive Economic Data

U.S. crude futures stayed above $94 a barrel on Friday, holding overnight gains as positive economic data boosted the outlook for demand in the world’s largest oil consumer.

U.S. crude had edged down 2 cents to $94.53 a barrel by 0024 GMT, after settling up 67 cents on Thursday.  Brent crude rose 9 cents to $102.55 a barrel.  Both oil contracts are heading for their second monthly decline.

The U.S. economy rebounded more strongly than initially thought in the second quarter, with a bigger chunk of the growth driven by domestic demand in a bright sign for the future.  OPEC’s oil production has risen in August from July, a Reuters survey found on Thursday, as a recovery in Libyan supply held up and Angola and Iran boosted supplies, outweighing a further decline in Iraq.

CNBC

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