Brent and NYMEX earn in Asia despite gloomy China data
On Friday, crude prices held gains during Asia trade, continuing an overnight trend built around on hopes that key producers are going to agree to curb crude output and as producers of the American shale industry experience headwinds on cost factors, shrugging off downbeat data from China.
In New York, September delivery crude futures surged 0.32%, trading at $43.63 per barrel. Meanwhile, October delivery crude futures gained 0.15%, hitting $46.11.
China, the world's second largest crude importer, posted that fixed-asset investment for July soared 8.1%, below a pace of 8.8% observed year-on-year. Additionally, industrial production acquired 6%, which is also below an expected at 6.1% year-on-year profit, while retail sales ascended 10.2% under the expected up 10.5% year-on-year growth observed.
Crude prices soared steeply after the Paris-based International Energy Agency disclosed on Thursday that global energy markets could be on the verge of rebalancing in the nearer months.