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Brent Oil Near $86 After Chinese Growth Exceeds Expectations

West Texas Intermediate crude rose as Chinese economic growth exceeded analysts’ estimates, signaling stronger fuel demand in the world’s second-biggest oil-consuming country. Brent futures gained in London.

China’s gross domestic product advanced 7.3 percent in the July-September period from a year earlier, the statistics bureau said today in Beijing. That exceeded the 7.2 percent median estimate in a Bloomberg survey of analysts. A government report tomorrow is projected to show that U.S. crude supplies climbed last week as fuel stockpiles declined. WTI fell below $80 a barrel for the first time since June 2012 last week.

“The Chinese numbers gave the market a boost,” Gene McGillian, an analyst and broker at Tradition Energy in Stanford, Connecticut, said by phone. “We’ve lopped off a lot of value recently. If we can’t get above $85 decisively we’ll continue with the down trend.”

Bloomberg [1]

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